What is a Liquidator or Supervisor?
Under the Insolvency Act 1986, the liquidator is the officer appointed who is responsible for collecting the assets of a company once it goes winding-up or liquidation. They settle all claims against the company prior to putting the company into dissolution. A supervisor is a person who would be responsible for overseeing the IVA for the duration of its term. The supervisor will collect funds and make distributions to creditors. Can I apply for an IVA? If you are unable to pay your debts as they fall due you may apply for an IVA. This applies even if you have assets that, if sold, would cover your debts. If you are already subject to a Bankruptcy Order you may still apply. If the Arrangement is approved, your Bankruptcy can be annulled. What are the benefits? • Interest and charges on your debts are frozen • Creditors stop ringing and writing to you – they contact the Supervisor of the IVA • An IVA gives you protection from creditors by way of a court order • Once your obligations unde
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