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The Supervisor of a Voluntary Arrangement (both Company and Individual – CVA and IVA) must be an Insolvency Practitioner and will usually have been the Nominee in the matter previously.
The Supervisor’s role is key to the Voluntary Arrangement process, as they retain a neutral and professional position for the duration of the agreement. They are tasked with the administration of the agreement and, as a result, can often be seen as unhelpful by those who might rather not have their input.
The role of the IVA Supervisor includes the following duties:
The Supervisor deals exclusively with the creditors on behalf of those who are proposing the Arrangement (the directors or the debtor).
The Supervisor establishes the actual level of debt to be repaid with the Arrangement, and in an Individual Voluntary Arrangement (IVA) they will request proof of the debt from creditors. The Supervisor then ensure each creditors receives the correct level of repayment through the Arrangement.
In an IVA, the Supervisor collects the IVA contributions from the debtor and distributes the relevant amount to each creditor.
The Supervisor is responsible for ensuring all assets are dealt with as agreed in the proposal, particularly equity, in a property. To this end, the Supervisor will place a restriction on property at the Land Registry, to ensure they’re notified of the property’s sale being sought without their prior knowledge or agreement.
In an IVA, the Supervisor is responsible for the liquidation of endowment policies, shares and savings vehicles that have been surrendered into the IVA.
Annual reviews are undertaken by the Supervisor.
