What does an insolvency practitioner do?
Only an insolvency practitioner (IP) can assist you with an IVA. The IP has several different roles to fulfil during your IVA.
They will firstly act as an advisor to you and help you finalise the terms of your IVA.
Once you decide to proceed with an IVA the IP becomes your Nominee. At this stage they have legal duties to fulfil and need to report to your creditors on the viability of your IVA. The Nominee must remain impartial and can’t be influenced by either you or your creditors.
Once your IVA has been approved the IP becomes the Supervisor of your IVA. Their role includes reviewing your IVA at least once a year, collecting and passing on your payments and ensuring you stick to the terms of the IVA.
Usually your IP will act as both the Nominee and Supervisor, so you’ll be dealing with the same organisation throughout your IVA.