www.iva.co.uk

how do I know if my IVA is covered by the IVA protocol? Will the proposal have a separate section about the 12 month equity clause?

How the equity in a property will be dealt with should be detailed in your proposal.

Most IVA's since I believe 2008 (updated 2010) are protocol compliant.

not sure if it's all IVA's hence why I say most

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.

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.

Hope you are able to use the advice given .. If in doubt still ring your IVA company and seek the answer direct

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...

Why not give them a ring tomorrow and ask a member of the IP's team or if you can speak to your IP ask them direct.

My proposal does not say it is protocol compliant so I asked the IP, one person said it was another said it wasn't.

Don't think IP's really know what is what or what difference it makes as they just do what they want anyway...

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.

Nickjohn,

ours is the same as yours and if I am right the difference is ours are asset defined IVA's as opposed to all assets if that makes sense