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R3 introduce updated Standard Conditions for IVAs

R3 have announced that they have issued Version 4 of their Standard Conditions for Individual Voluntary Arrangements (“IVAs”) with effect from 20 January 2018.

The Standard Conditions have been updated to incorporate changes introduced by the Insolvency (England and Wales) Rules 2016, and to deal with matters raised by the recent Green v Wright case (about which we produced a CPD Tap webcast).

The main changes made to the Standard Conditions concern the introduction of decision making procedures introduced by the New Rules. They hope this will provide flexibility for Supervisors to choose the most appropriate procedure for the circumstances of the case.

Green v Wright led to a review of certain terms used in the R3 Standard Terms, and R3 have taken steps to remove perceived ambiguities.

That case also determined that the trust of arrangement assets continued despite the completion of the arrangement and vacation of office by the Supervisor. R3 have introduced a ‘Trust realisation period’, which begins with commencement of the IVA, and continues until all sums have been realised and distributed to creditors under the terms of the Arrangement despite full implementation or termination of the IVA.

For our views on the practicalities of this see our latest CPD Tap webcast

Posted: 01.03.2018
Tags:  newsletter

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