IVA Protocol 2021 Annex 8: terms of reference
Updated 17 September 2021
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This publication is available at https://www.gov.uk/government/publications/individual-voluntary-arrangement-iva-protocol/iva-protocol-2021-annex-8-terms-of-reference
Purpose: To meet regularly to discuss, redraft and provide information about the operation of the IVA Protocol, and in particular:
- how it interacts with the IVA regime generally
- to and address any issues arising in the operation of the Protocol at an early stage
- to act as a discussion forum for stakeholders and ensure that information concerning the operation of the IVA regime generally and particularly Protocol cases can be effectively shared and discussed
- to periodically review the Protocol, including the standard terms and conditions, to ensure it is fit for purpose and to make any necessary changes
Membership
The Committee will be chaired by The Insolvency Service. Membership will be made up as follows:
Representing
| IPs | Number |
|---|---|
| Trade bodies | 1 |
| Insolvency practitioners | 5 |
| Recognised Professional Bodies | 2 |
| Total | 8 |
| Creditors | Number |
|---|---|
| UK Finance | 1 |
| Bulk creditors | 2 |
| Creditor agents | 3 |
| HMRC | 1 |
| Total | 7 |
| Consumers | Number |
|---|---|
| Money Advice Trust | 1 |
| Citizens Advice | 1 |
| StepChange Debt Charity | 1 |
| Advice UK | 1 |
| Total | 4 |
Insolvency Practitioner, bulk creditor and creditor agent and consumer representatives will be considered for rotation on a 2-year basis.
Membership will be by invitation from The Insolvency Service and will be reviewed at the discretion of the Chair.
Frequency of meetings
The Committee will aim to meet 3 times per year with further meetings called if considered necessary.
The agenda for, and minutes of all meetings will be recorded. Further miscellaneous updates or actions will be communicated via e-mail to those on the ‘Dear IP’ circulation list and posted on Gov.uk. The Insolvency Service will perform the secretariat function of the Committee.
Quorum/voting
A quorum shall be 9 full members of the IVA Standing Committee (including nominated substitutes), with at least 4 representing IPs, 3 representing creditors and 2 representing consumers. For the avoidance of doubt the Chair is a full member of the IVA Standing Committee. It is hoped that decisions can be arrived at via consensus.
Date: 29 April 2021