Why do IVAs require an Insolvency Practitioner?
An IVA is a form of insolvency and is covered by Government legislation. It therefore requires a trained and licensed practitioner, called an Insolvency Practitioner (IP) to ensure that it is administered correctly. An IP is highly qualified (similar to an accountant or solicitor) and has the experience to act in formal insolvency cases. The IP is responsible for presenting your IVA to your creditors and ensuring that it takes into account their interests as well as yours.
