IPs

[OPTIMIST12]

As someone who is very happy with their IP I was just wondering - if an IP retires or decides to move on to pastures new jobwise - is their caseload automatically passed over to a colleague or is it more complicated than that? Is it something that would affect the debtor in any way?

[MelanieGiles]

Hi Optimist - how nice to hear that you are having a good relationship with your own IP.

If your Ip retires or leaves his firm, the insolvency appointments are legally his personally, so he could take them with him. However, most firms get their IP's to sign agreements stating that in such event they will affect a transfer of the appointments to another IP within the practice. This can either be done by Court Order or resolution of the creditors - but more generally these days, as IPs are moving firms more and more - there is provision for an automatic handover captured within the body of the proposals.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[OPTIMIST12]

Melanie -

Thank you for your reply which as usual got me thinking. As someone with a long long way to go before (hopeful) completion of their IVA (but who is so far 100% happy) I am always looking for news about IVAs etc.

My latest thought is whether - if Personal Insolvencies continue to increase and if Creditors become less sympathetic to IVAs in general - do you think the OR will ever be given the power to widen their remit and become involved as a Nominee / Supervisor of IVAs? From your wide experience have you found that - once a person is in an IVA - that any new legislation is NOT retrospective? Just wondered what you thought - and thank you.

[MelanieGiles]

The OR already has this remit, Optimistic, in terms of the "Fast-Track" IVA - but they do seem reluctant to use the procedure. My own view is that the marketplace will settle down shortly, and everyone will play on the same team again. This will involve a little give and take from all sides, but if we are to sustain a positive alternative to bankruptcy - ie the IVA, everyone needs to remember that these arrangements have to be properly supervised and that there is a cost to the good work that I and my colleagues in the profession carry out.

New legislation is rarely retrospective, so the changes proposed will be for new cases only.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[OPTIMIST12]

Melanie -

I so agree with you regarding the value of the work done by IPs and their teams. Speaking for myself - it has literally changed my life. I know everyone will have different experiences but I think the present system allows people all the scope to find someone they are comfortable with and confident in. I just worry sometimes from reading the financial news that everything seems so volatile and uncertain in the world of credit and debt etc!!! It makes you wonder what the future holds.

Thanks again.

[Adam Davies]

Hi
I think that IVAs get some bad press and are seen from the outside as an "easy" solution to bankruptcy,and as we all know they are far from easy.
I,m glad that Melanie feels that it will all settle down soon.
We need to remember that IVAs are a wonderful vehicle that enables people who are in serious debt to repay as much as they can over a set period.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp