Insolvency Service
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Withdrawal of plans to introduce simplified IVAS and authorised persons
The Insolvency Service has withdrawn the legislative reform order which had been presented to Parliament to amend sections of the Insolvency Act 1986 aimed at simplifying IVAs (individual voluntary arrangements) and enabling authorised persons specialising in one form of voluntary arrangement i.e. individual or company.
Simplified Individual Voluntary Arrangements
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. Those in the industry have worked
hard to streamline the process for IVA approval with far fewer
modifications 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.
Authorised Persons
We are still planning to take forward the
proposal to amend the section in the Insolvency Act which provides
for 'authorised persons', but it will not be possible to
implement this change via a LRO, due to the particular
requirements of this form of legislating. We will therefore be
looking to make this amendment via a Bill when a suitable
opportunity arises.
Non Interim Order IVA
The proposal for reducing the requirements on Insolvency practitioners to file papers at court remains valid for introduction via a LRO. This will now be added to an LRO we are planning to bring forward in the New Year, rather than being taken forward as a single provision.
Further details can be found on the Insolvency Service website http://www.insolvency.gov.uk
Contacts
Insolvency Service Press Office
T: 020 7637 6279
Insolvency Service Policy on Corporate and Personal
Insolvency
T: 020 7291 6747
Statement
