An Insolvency Practitioner is part of a very small group of professional specialists who are the only people authorised in law to prepare and manage Individual Voluntary Arrangements (IVA's).
An Insolvency Practitioner is usually also either a Chartered Accountant or a Solicitor who must separately qualify as an IP after firstly qualifying in accountancy or law. There are only approximately 1800 Insolvency Practitioners in the UK – as opposed to 160,000 accountants and over 80,000 solicitors.
The vast majority of Insolvency Practitioners do not take consumer IVA appointments, preferring to concentrate instead upon commercial restructures, administrations and company liquidations. However, the number of Insolvency Practitioners involved in consumer IVA work is now growing in line with the rapid increase in demand for IVA debt restructures.
If you are contemplating entering into an IVA then it is unlikely that you will actually speak to the Insolvency Practitioner involved in your case. In most of the major IVA companies there are call centres who will discuss your initial debt problems to determine if you qualify for an IVA. Thereafter there are other professional people within the IVA Company who will actually prepare your IVA proposal for creditors. An Insolvency Practitioner actually signs your IVA proposal and is put forward to creditors as both your IVA "Nominee" and IVA "Supervisor" (the IVA "Nominee" work covers all of the preparation of your case to put to creditors and the IVA "Supervisor" work is the ongoing management of the case once accepted by the creditors).
Even though you are highly unlikely to actually speak or meet with your IVA Insolvency Practitioner, it is critical to bear in mind that the Insolvency Practitioner remains personally responsible for the smooth running of your case throughout the five year period. If you are in an IVA and you have any complaints about the Insolvency Practitioner, or the IVA company's conduct in managing the IVA, then you have the legal right to complain to the relevant regulatory authority. Should you need further advice on complaints or comments then contact the Insolvency professions own trade association or the governments own insolvency service www.insolvency.gov.uk
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Total unsecured debt : £4000