What is 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 IVA facts.
The term IVA Supervisor is the title given to an Insolvency practitioner, (I.P.) in the time after an IVA creditors meeting, once the IVA has been approved.
What does an IVA Supervisor do?
The IVA Supervisor is appointed to supervise the administration of the IVA on behalf of the debtor and their creditors.
They deal 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 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.
What about assets?
The IVA Supervisor will administer the inclusion of any assets into the 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 without the IVA Supervisor's knowledge, especially in cases where any releasable equity would fall due to the IVA as part of the original agreement.
Monitoring and finishing an IVA
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 IVA to the creditors.
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 IVA, and deal with any breaches of the terms and conditions of the 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 IVA and confirm the satisfactory conclusion of the IVA to the creditors, by a final report to creditors.
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