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The Court of Appeal has determined issues surrounding the completion of individual voluntary arrangements (IVAs) and the impact of such completion on the recovery of the proceeds of a debtor’s payment protection insurance mis-selling claim which was unrecovered (and unknown) prior to the completion. Paul French of Paul.French.Insolvency, who acted for the IVA supervisor, reviews the Court of Appeal’s decision.
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James Green (former Supervisor) v James Wright  EWCA (Civ) 111,  All ER (D) 13 (Mar)
The Court of Appeal has overruled the decision of HHJ Hodge QC (sitting as a judge of the High Court) ( EWHC 993 (Ch),  BPIR 806) which affirmed the decision of Deputy District Judge Langley sitting in the County Court at Burnley that the proceeds should be made available to the debtor, rather than his creditors in accordance with the terms of the IVA as approved. The Court of Appeal determined that the completion of the IVA, and the issue of a certificate of completion, had no effect upon the availability of the proceeds to the creditors bound by the IVA.
On 31 August 2007, the debtor proposed an IVA incorporating the R3 standard conditions (version 2) (the standard conditions). On 9 October 2007, the proposal was approved, with 30 modifications. The debtor complied with his obligations under the terms of the IVA, in so far as he paid over the proceeds of an ISA and made the promised monthly contributions, as varied downwards during the course of the IVA. On 17 January 2013, the former supervisor reported to the creditors that the debtor had fully complied with his obligations under the terms of the IVA and issued a certificate of due completion (the completion certificate).
After completion of the IVA, the debtor sought to recover compensation for mis-sold
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Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234