Yes as some creditors such as HMRC do not like protocol. Some IP firms will use some of protocol but not all of it so it is only a guide and not the basis of IVAs.
According to the Insolvency Service website, all protocol compliant IVA`s proposed by IP`s and Insolvency companies signed up to protocol compliance must follow the applicable protocol from when the IVA was proposed and agreed for this legally binding arrangement.
Hence, protocol compliant IP`s and Insolvency companies shouldn`t be able to pick and choose which parts of any particular IVA`s applicable protocol they wish to comply with and those they don`t.
Last edited by Goosed on Sun Aug 24, 2014 12:47 pm, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Not all IP firms have signed up to protocol but have added some of the conditions into their proposals as standard. Creditors are entitled to modify any proposal whether protocol are not and this is very common.
Therefore IP firms and creditors can pick and choose what they want to suit each case as IVA stands for 'individual' voluntary arrangement and not some sort of generic standard.
HMRC do not like protocol and the terms and conditions conflict with those of the regulators R3 so while we do not use protocol as standard there are parts of it that we incorporate in our proposals.
If the Protocol was followed slavishly then the IVA might not suit a lot of people. A fully Protocol compliant IVA only works for a completely sraightforward case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014