Guidance: Individual voluntary arrangement (IVA) protocol

Guidance: Individual voluntary arrangement (IVA) protocol

Original news:

The individual voluntary arrangement (IVA) Protocol for 2014 provides an agreed standard framework for dealing with straightforward consumer IVAs and applies to both IVA providers and creditors. The updates to the Protocol and the new equity clause are to ensure the term 'remortgage' includes secured loan.

 Background:

Purpose of an IVA

An IVA is a voluntary agreement between a person in debt and his/her creditors. It is a formal (contractual) agreement and can be as flexible as the individual's circumstances allow.

An IVA Protocol has been in operation since early 2008. Its purpose is to ease the efficient handling of straightforward consumer IVAs. The Protocol recognises that the IVA supports a valid public policy objective by providing debt relief for individuals in financial distress. It also recognises that at the centre of this process ther

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About the author:
Eleanor qualified in 1998 into the insolvency team at ASB law. She became a partner in 2005, and went on to head up the Recovery & Insolvency team. Whilst traditionally specialising mainly in contentious corporate insolvency matters, in recent years she has moved into the non contentious arena, in particular specialising in company administrations.