An insolvency practitioner has a very important roles in an individual voluntary arrangement. An individual voluntary arrangement can only be administered by a licensed insolvency practitioner. If an individual voluntary arrangement is considered appropriate, the insolvency practitioner will become the nominee. The nominee’s task is to review the proposal on which they have been asked to act and report on it. The proposal is usually a standard document that is adjusted to the needs and circumstance of the debtor. If the proposal is approved, the insolvency practitioner will supervise the individual voluntary arrangement. They must report yearly to the creditors, debtors, and courts.
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