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Nominee

The term refers to a person who is nominated by the debtor (either individual or corporate debtor) to report the person's or company's proposals for an individual voluntary arrangement or a CVA. In case of an individual voluntary arrangement the nominee is more often referred to as Insolvency Practitioner, but there are several other cases when a person or company has to designate a nominee, like in political campaigns, in a company or sometimes even in personal issues. An Insolvency Practitioner will carry out all the preparatory work involved by preparing the debtor's documents, arranging the creditors' meeting and so on. In short, the nominee or Insolvency Practitioner is the person who will take care of all the important issues before signing the individual voluntary arrangement, and during the whole time of the arrangement he will be the one who keeps in touch with the creditors and distributes the money given by the debtor between the creditors. Actually, his tasks will be over only when the arrangement is over.