IVA Terms Of Business

How we will assist you

Unity Corporation LLP will assist you as follows:

• Arrange a meeting either via phone or face to face to discuss your financial circumstances. By providing as much detailed information and supporting documentation as you can prior to this meeting you will help us to give you the advice and avoid any delay in following your chosen decision. It is your responsibility to ensure that the information you provide is complete and accurate.
• The meeting will enable us to evaluate your financial position based on information provided by you and therefore provide advice as to whether an IVA is an appropriate procedure, in addition to explaining the alternative options.

 Where an IVA is appropriate, we will assist you as follows:

• Liaise with your creditors in connection with your proposal
• Assist you in the preparation of the proposal, including the Statement of Affairs and all appendices
• Call and hold meeting/s of creditors to approve your proposal and advise you of any proposed modifications put forward by your creditors
• Assist with application for an Interim Order, where this is considered appropriate
• Provide an Insolvency Practitioner from Unity Corporation LLP to act as Nominee in relation to the Voluntary Arrangement

The role of Nominee

It is the Nominee’s responsibility to ensure that there is a fair balance between your interests and those of your creditors. The Nominee will also have to take into account the interests of any other party who may be involved e.g. a relative who has promised to pay monies into the Arrangement.  In addition the Nominee has to reach their own independent and objective decision as to whether your proposal is feasible, fair to your creditors, fair to you, an acceptable alternative to Bankruptcy, and fit to be considered by your creditors, and report accordingly. Your instructions cannot affect or remove these responsibilities of the Nominee.

The information and co-operation required from you

Unity Corporation LLP will assist with the drafting of proposals to put to your creditors. However the proposal is your responsibility and you should take the greatest of care that the proposals you make are realistic and capable of being achieved by you. You must be absolutely sure you can ‘deliver’ on these proposals.

If changes in your circumstances occur (eg change of job, illness, restriction of overtime) before the Arrangement is approved, it is important that you tell us immediately.

You are also responsible for the accuracy of the proposal document that you put to creditors. It is important that you read it in detail and understand it in its entirety. You must notify us of any errors or if you wish to make any amendments or additions. If there are any points you do not understand you should contact us for further explanation.

It is a requirement that you disclose all of your assets and liabilities. We cannot emphasise this enough; any assets or creditors missed from the document can have serious implications and can lead to the Arrangement coming to a premature end, with you being made bankrupt. On no account, should you withhold from us deliberately, details of any creditor or asset, either in the UK or abroad.

In order that we can assist you most effectively and swiftly, it is important that you fully answer our correspondence and return our calls without any undue delay. You do not need to wait until you have all the requested information to hand before sending it on or replying: we would prefer to work on your case at the earliest opportunity. Should you receive any Court documentation, it should be forwarded to these offices immediately.

Our fees

The payment of the Nominee and Supervisor costs and expenses will be detailed in the Proposal. Our fees may be calculated on the basis of time, a percentage of assets realised or a fixed fee. It will be for the creditors to agree the basis of such fees, as they will be drawn from the contributions that you make.

Payment of our fees

Fees will be payable to us from the monthly contributions that you make that will be due under the terms of the Arrangement. We reserve the right to draw fees on account from time to time from the funds paid to us prior to formal approval of your proposal by the creditors. Such funds received from you will be held in a specifically designated client bank account which is segregated from the firm’s funds.

Complaints

Complaints procedure for Unity Corporation LLP

Unity Corporation LLP strives to provide a first class service and we are committed to a process of continuous improvement. If you would like to discuss how our service to you could be improved or if you are dissatisfied with the service you are receiving, please let us know by calling a member of our team on 0161 667 9166. If you consider that they have not dealt with your comments appropriately you may request, writing to our Compliance Partner at Unity Corporation LLP, Fabric Building, 30 Queen Street, Manchester, M2 5HX, that we perform an internal independent review of your complaint. This review would be undertaken by a person within Unity Corporation LLP who is not involved in the assignment and would be coordinated by our Compliance and Technical team.

If you are still not satisfied you may of course take up the matter with the Insolvency Practitioners Association or refer your complaint to the Financial Ombudsman Service at:

The Financial Ombudsman Service

Exchange Tower

London

E14 9SR

Or if your complaint is about an Insolvency Practitioner you can contact the Insolvency Service at the IP Complaints Gateway, an online central hub for complaints run by The Insolvency Service who will undertake an initial review of the complaint and make a decision on whether to forward the matter to the authorising body. A member of the regulatory team of the authorising body will then conduct further enquiries. Any complaints related to Northern Irish insolvencies should be sent directly to the relevant authorising body, The Insolvency Practitioner’s Association or The Secretary of State for Business Innovation and Skills and cannot be referred to The Insolvency Complaints Gateway.

If you require any further information regarding our complaint procedures, please do not hesitate to ask.