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Role of an IVA Supervisor
For those people who are considering an Individual Voluntary Arrangement (IVA) as a solution to a serious debt problem, there is the possibility that they will hear the term 'IVA Supervisor' whilst they are researching the Individual Voluntary Arrangement (IVA) facts.
Here is a brief explanation of what an IVA Supervisor's role is within the Individual Voluntary Arrangement (IVA) process.
The term IVA Supervisor is the title given to an Insolvency practitioner, (I.P.) in the time after an IVA creditors meeting, once the Individual Voluntary Arrangement (IVA) has been approved.
The IVA Supervisor is appointed to supervise the administration of the Individual Voluntary Arrangement (IVA) on behalf of the debtor and their creditors.
The supervision of the Individual Voluntary Arrangement (IVA) includes the following duties:
Dealing exclusively with the debtor's creditors on their behalf. The creditors are precluded from contacting the debtor, and all correspondence must now be addressed to the IVA Supervisor.
The IVA Supervisor will collect all Individual Voluntary Arrangement (IVA) contributions due. The funds are held in a specific account and the Supervisor keeps a record of all receipts and payments, and accounts for these to the debtor and the creditors.
The IVA Supervisor will consider creditor's 'Proof of Debts' and administer the allocation of payments to the creditors proportionally as held.
The IVA Supervisor will administer the inclusion of any assets into the Individual Voluntary Arrangement (IVA), for example equity in a property, endowment policies and savings. The IVA Supervisor has the power to enter a restriction over the home of the debtor with the Land Registry. This would prevent an owned property being sold, when equity is due to the IVA.
The IVA Supervisor will administer the inclusion of any additional unexpected funds, such as overtime payments or windfalls.
The IVA Supervisor will carry out periodic reviews of the debtor's household income and expenditure, to arrive at an affordable monthly payment, which is fair to both the debtor and the creditors, and the IVA Supervisor will provide annual reports on the progress of the Individual Voluntary Arrangement (IVA) to the creditors.
The IVA Supervisor will ensure that any additional requirements of the creditors are acted on. This could be by the inclusion of a creditors modifications to the IVA proposal at the IVA creditors meeting.
The IVA Supervisor will call and hold any additional creditors meetings that maybe required. This could be in the event of a required variation to the original IVA proposal.
The IVA Supervisor will monitor the Individual Voluntary Arrangement (IVA), and deal with any breaches of the terms and conditions of the Individual Voluntary Arrangement (IVA). The IVA Supervisor has the power to petition for the debtor's Bankruptcy, should this become necessary.
The IVA Supervisor will administer the close of the Individual Voluntary Arrangement (IVA) and confirm the satisfactory conclusion of the IVA to the creditors, by a final report to creditors.
Editors Note:
An IVA is only available to applicants from England & Wales. If you live in Scotland then you will need to apply for a Trst Deed, an IVA Scotland equivalent.
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