This is a guest post by Peter Sargent, an Insolvency Practitioner and Consultant at BHP Clough Corporate Solutions. He is a member of the IPA’s Membership & Authorisation Committee and former president of R3. The failure of Varden Nuttall (and its holding company), a middle ground IVA bulk provider has brought into sharp relief the current system of Insolvency Practitioner (IP) … [Read more...]
Insolvency News & Policy articles
Here are all the Debt Camel articles about what is new and changing in bankruptcy, DROs and IVAs. They cover everything from news about IVA firms to statistics and regulatory changes from the Insolvency Service. These articles are mainly of interest to debt specialists.
If you want practical advice on choosing between the different insolvency options, or about what happens when you have gone bankrupt or are in a DRO or IVA look at the following:
The 2016 IVA Protocol – what has changed?
In June the new 2016 IVA Protocol was published. It would have be helpful if the Standing Committee had issued a guide to the changes from the 2014 Protocol, but they haven't, so this article looks at the significant changes, ignoring routine updating (such as replacing OFT by FCA) and some which seem to me to be very minor. My thanks to Michelle Butler who wrote about the changes earlier this … [Read more...]
Varden Nuttall – what happened
Varden Nuttall, a mid-size Individual Voluntary Arrangement (IVA) firm, was placed into administration on 24 March 2016. The administrators discovered that £9million was missing from the client account and evidence of fraudulent practices by Philip Nuttall, one of the insolvency practitioners and a director of Varden Nuttall Limited, In October 2018, Philip Nuttall was found to be in … [Read more...]
IVAs – do you have to get a secured loan – a case story
A reader asked this in a comment, but it needs a whole article to tell the story properly: "We are currently 4.5 years into an IVA, we have got to raise £15,000 through remortgage. We have been told from the start to not worry as there is little to no chance of us being offered it, however we have been offered a £15,000 loan over 15 years and paying back £45,000. I can’t believe this is an … [Read more...]
Creditfix’s proposed PJG IVA variation (2014)
In October 2014, some people who had IVAs with PJG Recovery had their cases transferred to Creditfix. The people who have been transferred were told that nothing else would change in their IVA. Two months on in December 2014 however, they are being asked to agree to a variation in the terms of their IVA, including increasing the fees that Creditfix charge. Some people have expressed unhappiness … [Read more...]
New Insolvency Service guidelines on pensions
On 26 March 2015, the Insolvency Service published Undrawn pension entitlements: Summary of guidance for insolvency practitioners and debt advisors. With "pensions freedom" coming into force on 6th April 2015, the Insolvency Service's aim was to clarify the murky situation around bankruptcy and pensions. Further clarification then came with the Guidance Issued to Receivers and Guidance Issued to … [Read more...]