At Arkle Insolvency Limited will only charge you a fee if an Individual Voluntary Arrangement (IVA) is approved by your creditors.
Our fees are taken from the monthly payments or asset realisations paid into your IVA.
Arkle Insolvency Limited will propose to draw a fixed amount for the Nominee Fee, Supervisor Fee and all costs and expenses associated with the IVA. Creditors may request that the fee basis be changed as a condition of them accepting the IVA, if this is the case any proposed changes will be discussed with you.
The fees associated with an IVA can be categorised into three areas, Nominee’s Fee, Supervisor’s Fee and costs and disbursements (expenses associated with the IVA).
Nominee’s Fee: is paid in relation to the work undertaken in preparing the IVA proposal and convening and holding the decision procedure necessary to approve the IVA.
We will propose a fee of £1,900 which includes all necessary expenses of the Nominee.
Supervisor’s Fees: The Supervisor’s Fee is paid for the ongoing supervision and administration of the IVA over its term. This includes collecting and distributing your monthly payments, dealing with any queries raised by you or your creditors, completing an annual review of your income and expenditure, reporting annually to you and your creditors about the progress of the IVA, and formally closing the IVA.
We will propose a fixed Supervisor’s fee of £1,750 plus up to 15% of any funds received other than the monthly contributions, for example, windfalls or compensation for mis-selling claims.
Disbursements: These are costs paid by the Insolvency Practitioner to third party companies for costs of administering the IVA such as the fee for formally registering the Arrangement with the Insolvency Service, software fees and statutory insurance bonds. These may also include payments made for the provision of additional services to provide the best return for your creditors.
We will not propose to recover these costs from the monies paid into your IVA unless creditors change the basis of the Nominee and Supervisor Fees.
Direct costs of realising additional assets, such as claims management company fees for successful mis-sold financial products claims will be paid from those realisations.
