Insolvency Service drops SIVA bid
Insolvency Service says that there is no need for a simplified Individual Voluntary Arrangement laws to be introduced because the IVA Protocol is working well
Plans to introduce simplified IVA rules into law have been shelved because of
the success of guidance rolled out earlier this year, the Insolvency Service has
said.
The IVA Protocol became available for use in February 2008 and has given
providers and creditors a clearer picture of what is required of them.
‘The successful operation of the IVA Protocol has resulted in many of the
desired improvements in the IVA marketplace being implemented without the need
for further legislation, a position which has become clear within the past few
months,’ the Insolvency Service said.
The Insolvency Service added that those in the industry had worked hard to
streamline the process for IVA approval with far fewer changes now being
proposed.
‘It is now felt that the operation of the Protocol should continue to be
monitored by the IVA standing committee, and that legislative change in this
area should not be necessary as long as policy objectives are being met by
non-statutory means.’