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Updated IVA protocol to strengthen debt solution
The IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector.
From:
11 May 2021
A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol.
The IVA standing committee, chaired by the Insolvency Service, is the body responsible for maintaining and strengthening the protocol. It is made up of key stakeholders including the regulatory professional bodies, debt advice sector, creditor representatives and insolvency practitioners.
The IVA protocol was last updated in 2016 and the IVA Standing Committee recognises that the debt landscape has undergone significant changes since then.