MOD Views on finance
Contrary to beliefs here the MOD are very strict on there views regarding the managements of your finances. As a member the the armed forces you cannot be declared bankrupt as this is considered to bring the service into dis-repute and as such would loose you your job and possible a lot more such as pension etc. IVA however as stated has a legal clause in the insolvency act meaning it does not have to be declared nor does it stop you being a director of a company etc like a bankruptcy order does. So in the armed forces you could be in a IVA but not bankrupt. certain government departments such as MI6 do not allow you to work for them if you have ever had such financial problems. you do not have to declare it but they are allowed to check and act on it.(besides there are still many old millitary rules from days gone buy that still stand. Such as in the RAF if a service member arrives on camp by horse it is the station warrent officers duty to feed water and look after that horse till you leave).