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COVID-19: Individual Voluntary Arrangement (IVA) protocol guidance – Revised 7th September 2020 (30 July 2021)
Guidance
COVID-19: Individual Voluntary Arrangement (IVA) protocol guidance – Revised 7th September 2020
COVID-19: Individual Voluntary Arrangement (IVA) protocol guidance – joint statement by creditor representative members of the committee
- From:
- The Insolvency Service
- Published
- 17 April 2020
- Last updated
- 30 July 2021 — See all updates
Documents
Coronavirus (COVID-19) Guidance for the Straightforward Consumer IVA Protocol
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Details
Joint statement by creditor representative members of the committee
Those members being: Watch Portfolio Management, TDX Group, Evolve, PRA Group, MAX Recovery and UK Finance.
As members of the Individual Voluntary Arrangement (IVA) Standing Committee we have recognised that the COVID-19 pandemic will impact a number of consumers who currently have or will soon be proposing an IVA.
We are providing our agreement to the IVA Standing Committee COVID-19 Guidance.
If the supervisor wishes to use their discretion to utilise the guidance, a meeting of creditors need not be called, we would expect the COVID-19 guidance to be used first and any further variations outside of this guidance will be considered on the basis of the original terms of the agreement. We would not expect a fee to be chargeable to the estate. This will enable additional temporary support to be accessed quickly and efficiently by impacted consumers where it is required.
When the IVA Standing Committee make the decision collectively to remove the guidance our consent to any variations as per the terms of the guidance will be removed and all future changes to the terms of the IVA agreement should be made by formal variation as per usual.
Published 17 April 2020
Last updated 30 July 2021 + show all updates