The following Restructuring & Insolvency guidance note Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers provides comprehensive and up to date legal information covering:
The nominee and the supervisor are key individuals in an IVA. They are often the same individual but there is no requirement that they have to be.
The nominee has a role up to the time at which the IVA proposal for the IVA is either approved or rejected. If the IVA proposal is approved, the supervisor is responsible for ensuring that the IVA is implemented in accordance with its terms.
An individual cannot act as a nominee or supervisor of an IVA without being a licensed insolvency practitioner (IP). This requirement ensures an IVA will be subject to independent scrutiny and professional supervision. Under section 253(2) of the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 8.3, the IVA proposal must contain the name, address and qualification, and regulated professional body of the proposed supervisor and the debtor's confirmation that, so far as they are aware, the proposed supervisor is qualified to act as an IP or is an authorised person.
The nominee and supervisor of an IVA occupy nearly identical roles to the nominee and supervisor of a company voluntary arrangement (CVA). Therefore, case law on CVAs in this area is relevant to IVAs. For further reading
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