Hi. The proposal should state that is it Protocol Compliant, if it is.
Even PC proposals do vary according to individual circumstances ( or bad drafting), alterations made by creditors and subsequent variations by either party.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The IVA proposal ought to have a front sheet summary attached to it, and in the top right hand corner it ought to say whether it is governed by the IVA protocol or not. Also, most firms make this clear within the body of the proposal as well.
Hello all, thank you so much for your replies. Our proposal doesn't say it is governed by the iva protocol but does say as per the Insolvency Act 1986. There is also nothing on the summary page either...
I agree with you there nickjohn, it all feels like a moving target! Am sticking with what the proposal says. I think also that there must be a lot of variances from one proposal to the next and so they must get people's contracts mixed up!
Creditors can modify the proposal anyway so you need to speak to your IP. HMRC for example tend to modify protocol IVAs where possible but all thi should be explained at the time of the meeting of creditors.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
Creditors can modify the proposal anyway so you need to speak to your IP. HMRC for example tend to modify protocol IVAs where possible but all thi should be explained at the time of the meeting of creditors.
I thought that creditors could only modify the proposal at the time of the meeting as the proposal is just that its your proposal to your creditors and it is presented on your behalf by the IP so if it needs amending then this is the stage that it is done.
However, I was of the understanding that once any amendments were made all parties sign up to accept the final proposal and that is it for the term of the IVA.
Are you saying that the creditors can make amendments within the term of the IVA as well?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
The IVA proposal ought to have a front sheet summary attached to it, and in the top right hand corner it ought to say whether it is governed by the IVA protocol or not. Also, most firms make this clear within the body of the proposal as well.
Hi Mel, Right I have dug out my proposal again and all it says anywhere within it is that it is a "proposed voluntary arrangement under part VIII of the insolvency act 1986"
So I guess that it is not Protocol Compliant - not quite sure what difference that makes in the scheme of things...
Also within the proposal it details "included assets" and "excluded assets" - again not quite sure what difference it makes in the scheme of things..
What I was saying is that you can propose a protocol IVA but creditors can introduce modifications at the meeting which no longer leaves it protocol compliant. It does not matter much anyway.
