Freeman Jones standard conditions
There are 'Standard Conditions' that make up part of every Individual Voluntary Arrangement ('IVA') proposal put forward by our clients.
Because we produce very high volumes of these IVA proposals, creditors do not want to see a separate copy every time. As such, we have decided to make them available on our website.
We will no longer send paper copies of these with our clients' IVA proposals. Of course, we will be happy to provide paper copies upon request.
The Standard Conditions have been developed and amended over time, and therefore the terms that apply to each IVA depend on when it was arranged.
Click here to download the Protocol Standard IVA conditions document post April 2017, as agreed between Creditors and their voting agents, The Insolvency Service and Insolvency Practitioners and apply to Freeman Jones proposals submitted after 6th April 2017.
Click here to download the Protocol Standard IVA conditions document post July 2012, as agreed between Creditors and their voting agents, The Insolvency Service and Insolvency Practitioners and apply to Freeman Jones proposals submitted after 1st July 2012.
Click here to download the Protocol Standard IVA conditions document post March 2008, as agreed between Creditors and their voting agents, The Insolvency Service and Insolvency Practitioners and apply to Freeman Jones proposals submitted after 17 March 2008.
Click here to download Freeman Jones standard IVA conditions document post August 2007, which applied to IVAs arranged between 13 August 2007 and 16 March 2008.
Originally, the conditions were drawn up by the Association of Business Recovery Professionals (also known as 'ABRP' or 'R3'):
You may notice that in our version of the original conditions, some items in the index are noted as 'deleted'. This is because the provisions dealt with by that item are contained in the particular proposal for each client.
More information about the Standard Conditions can be found on R3's website at http://www.r3.org.uk.
Guide to Requisite Majorities
Rule 5.22 & Rule 5.23 explain the requisite majorities of votes needed for resolutions to be passed at a creditors meeting when considering an Individual Voluntary Arrangement in Northern Ireland and England & Wales respectively.
A creditors guide to Insolvency Practitioners' fees
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Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA, alternative solutions may be offered. If your IVA fails, it could lead to Bankruptcy. Your ability to obtain credit will be affected for at least 6 years. Homeowners may be required to release the equity in their property.