Typical IVA Terms and Conditions
Note: Scroll down to access links to different IVA Terms and Conditions formats.
If you are considering an IVA or are in an IVA, you should make sure you know which terms and conditions apply to you and ensure you keep a copy for future reference.
Insolvency practitioners are within their rights to create their own terms and conditions, but over the years some standard formats have evolved which have been beneficial to the smooth running of the IVA for its duration.
If you want to view IVA terms and conditions that apply to you, you need to know which format was used and the date your IVA was accepted
The IVA Protocol
The IVA protocol is a voluntary framework set up in 2008 for dealing with straightforward consumer based IVAs. It applies to debtors, creditors and insolvency practitioners, aiming to improve the efficiency of the IVA process.
The IVA Protocol was designed to develop transparency, openness and trust between the involved parties and was the result of considerable discussions including members from regulatory bodies.
Some of the key areas covered by the IVA Protocol:
- The start, effect and duration of the IVA
- Duties and obligations of the debtor
- Duties and obligations and powers of the supervisor
- Effects of a breach or non-compliance by the debtor
- Management of assets
- Dividends and claims
- Creditors who have not received notice
- Meetings of creditors
- Conditions dealing with tax debts
The Protocol is independently monitored and reviewed to ensure it is working for the benefit of all parties involved.
View the IVA Protocol versions below. Note that the date your IVA was approved will determine which set of conditions applies to you:
- Click here for the 2016 IVA protocol
- Click here for the 2014 IVA protocol
- Click here for the 2013 IVA protocol
- Click here for the 2010 IVA protocol
- Click here for the 2008 IVA protocol
R3 - Business Recovery Professionals
R3 have published standardised IVA terms and conditions since 2002 and these are widely used by insolvency practitioners, especially where the IVA Protocol framework cannot be applied. This might include debtors who have disputed debts, debtors who have investment portfolios or when there is a possibility of a full and final settlement in the first year of the IVA.
View the R3 terms and conditions versions below. Note that the date your IVA was approved will determine which set of conditions applies to you:
Standard IVA terms and conditions are also provided by the IVA Forum: Note that the date your IVA was approved will determine which set of conditions applies to you: