It is a voluntary code of conduct which IPs and creditors have been asked to embrace in order to make the IVA process smoother, more cost effective for IPs and creditors, but importantly to ensure that the IVA system is more accessible to a wider user group of consumers.
The protocol gives guidance on areas such as annual reviews of income and expenditure, the way the matrimonial home is dealt with, the timing for creditors to submit claims, and the standards the industry expect from members of my profession with regard to advertising, advice and investigation work carried out prior to the preparation of the proposals.
I am personally very encouraged by the work that has been done by all parties, and am already adapted to IVA protocol type IVAs. The next few months will be interesting to observe, to see if both IPs and creditors take the points on board, and we see less creditor modificiations and ultimately less rejections.
Regards, Melanie Giles, Insolvency Practitioner
