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When searching or exploring Individual voluntary arrangement (IVA) options for your debt problems, you will come across the term IVA practitioner all through the process. IVA practitioners specialise in offering insolvency or the individual voluntary arrangement services. They become qualified through passing and clearing various stringent liquidation exams which allows them to offer all kinds of insolvency services, be it dealing with the company liquidation, corporate insolvency or even personal insolvency or personal bankruptcies.
Generally, the insolvency practitioner working with individual voluntary arrangements (IVAs) is practicing in the personal bankruptcy sector. When an individual or a couple approaches an IVA practitioner with their individual voluntary arrangement application, the IVA practitioner will act on the behalf of the person(s) concerned.
An IVA must be supervised by an IVA practitioner, who will work with both you and your creditors to settle your debt. With the assistance of the IVA practitioner, you will draw up an IVA proposal to you creditors, which will then be voted on by your creditors. In order for the IVA to proceed, at least 75% by value of your creditors must agree to the proposal else it will be considered void.
The IVA practitioner is required to obtain all the relevant documents, creditor details and the profile of a person to enable the IVA proposal to be drafted. Once the IVA proposal is drafted, the IVA practitioner will arrange for the individual voluntary arrangement (IVA) proposal to be submitted to the creditors at the creditors meeting. After a successful creditor meeting the role of the IVA practitioner will change. Prior to the creditors meeting the IVA practitioner was representing the debtor as nominee to the IVA. After the creditors meeting, the IVA practitioner will become the supervisor of the case and will be working for both parties.
The IVA practitioner now changes the position and has to perform the role of an administrator of (IVA) individual voluntary arrangement, for the creditors. They are responsible for ensuring that the terms of the IVA are adhered to through the life of the arrangement.
Thus, the IVA practitioner basically job has two roles.