so confused with iva and insolvency fund

zadzad_2

my job has been terminated in the past few weeks but im in need of answers that no one seems to have
to start off i know the amounts of basic entitlement so no need to go into that however there is still a few questions

my employer was a sole trader, he stopped trading without giving me notice one day when someone who was going to apply to be his insolvency practitioner came in

i have now recieved paperwork that indicates my employer is applying for an iva and i have a break down of the figures he is intending to pay out, this stands at 66p to every pound, however the other employee and myslef have sat down and seen that this figure is too low and is below 66p in the pound as indicated

the next issue is who will pay up our redundancy if the iva gets the go ahead, is it still the insolvency fund?

if the iva does not get the go ahead and he is made bankrupt, will this be better for me?

if the iva does get the go ahead will i only receive the 66p to the pound that has been set up or do i still receive my full basic entitlement through the insolvency service

thanks for all your help guys, this whole thing has got my head battered!