James Ng

Very experienced on Accounting, Auditing, IVA, Company Winding-up and Financial Planning

Recognized IVA Nominee – Mr. James Ng

Most of the citizens of Hong Kong have a basic knowledge of the Independent Voluntary Arrangement (IVA) through introductions by the media. In the service market, there are many different kinds of services organizations including solicitor firms, CPA firms and agents, providing IVA services. However, there are different service standards, charges variation and the risk of poor services, etc.. During the IVA negotiation, the nominee needs to balance the benefits between the debtor and the creditors, and seek to present the best solution to all parties. Therefore, debtor is well advised to seek an experienced and reasonable pricing organization in person for personal enquiry in order to make the correct decision.

In the past, the Official Receiver was the only IVA nominee. From September, 2002, the Official Receiver was no longer responsible for the nominee position. Currently only CPAs are qualified and have recognition by the Court to be IVA nominees (some solicitors have attempted to be IVA nominees but had been rejected by the courts). Therefore, no matter which means you use to make an IVA application, eventually it is the CPA that handles your IVA process with his / her experience and qualification.

The 3 ways to process IVA:

1.Directly appoint an IVA nominee (in order to save some application fees, there is no need to contact a nominee through a solicitor or consultancy firms).

2. Referred by a solicitor to an IVA nominee.

3. Referred by a consultancy firm.