This means that your creditors will bear the costs of the fees. For this reason, the fees which we seek to charge may be varied (with your agreement) by your creditors before the IVA is approved.
All fees and costs are taken from the money that you pay into your Arrangement. We do not charge you directly and you will not be asked to pay anything in addition to the funds that you have agreed to pay as part of your Arrangement.
The Nominee’s fee is charged to cover all the work which is done up to the time your proposal is approved. This includes the preparation of your proposal and holding a meeting with your creditors. The fee is normally fixed and must be approved by your creditors.
The Supervisor’s fee is charged to cover the work involved in administering the Arrangement once it has been approved by the creditors. This will normally be a percentage of the amount paid into your Arrangement and this must also be approved by your creditors.
There are expenses which are paid for the administration of the Arrangement and include third party items such as registration fees, case management fees, software and maintenance fees, statutory items, insurance bonds and internal costs such as postage and stationery, which the Insolvency Practitioner must pay. Creditors may request that fees are amended as a condition of them approving the Arrangement, which is quite standard