Andy.Our proposals comply with the requirements of the act and we do at least as much nominee and supervisory work as required under the protocol IVA. However, aspects of the protocol terms and conditions create problems where the client is self employed and a lot of our clients are. We operate under the R3 terms and conditions and to implement protocol would mean we would have to adapt those terms and conditions. This could ultimately lead to a two tier system which we believe is unnecessary as the R3 terms and conditions are more than sufficient to cover all cases.
As moretolife shows it is probably confusing but it does not really matter if the proposal says it is 'protocol compliant' or not. Provided the IP does their work properly the IVA will generally be approved and run it's course.
This sets out the minimum due diligence requirement that IP's are required to do which in non-protocol proposals most (but not all) IP's do as well. Creditors are more likely to accept Protocol compliant proposals than none protocol ones. But that does not mean that they won't. The idea behind the protocol was to facilitate quicker resolution to arranging and agreeing IVA's. Self employed persons can also submit protocol compliant IVA's and indeed my firm does without any problems.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
