The IVA Supervisor

If you are considering getting an IVA or Individual Voluntary Arrangement, the chances are you are in some pretty serious financial problems with debt. You will most probably have heard the term 'IVA Supervisor' used, and wondered what that role in entails?

The IVA Supervisor is the 'lightweight' version of an Official Receiver, used for bankruptcy. IVA Supervisor is an Insolvency Practitioner appointed after the initial IVA meeting of creditors, once the IVA proposal has been approved. They supervise the administration of the IVA. The IVA Supervisor is the go-between. After the IVA proposal has been approved, the creditors may not contact the debtor any longer. So all communication goes via the Supervisor. The IVA Supervisor represents both the creditors and debtor in the administration of the Arrangement.

The IVA Supervisor also manages the financial transactions involved in an IVA. The debtor pays a monthly payment to the IVA supervisor, which is held in an account and it is the job of the Supervisor to keep this account and its records in order. Furthermore, the Supervisor is the individual who decides how the payments made by the debtor to this IVA account fund are proportionally repaid to the creditors. The IVA Supervisor will administer any assets or unexpected payments such a winnings or windfalls.

The IVA Supervisor personally reviews the income and expenditure of the IVA holder, the debtor. This allows them to make increases in the payments if the debtor beings to earn more or has more disposable income for some reason. It is the IVA Supervisor's role to organise any meetings necessary and they are the person responsible for ending the IVA after its term and producing any final financial reports.