A summary of the legal and regulatory framework for consumers
All insolvency practitioners are expected to follow and comply with a legal and regulatory framework, which ensures that there is an effective insolvency profession that delivers fair outcomes for the people and businesses impacted by their work.
The legal framework includes the Insolvency Act 1986 and the Insolvency Rules 2016. The regulatory framework includes the Insolvency Code of Ethics and Statements of Insolvency Practice (SIPs). Below is a summary of what these frameworks require from any insolvency practitioner that you have dealings with, from the point of first contact to the completion or termination of the arrangement.
All insolvency appointments in your IVA, whe…
Read the full article at: https://www.gov.uk/government/publications/individual-voluntary-arrangement-iva-protocol/iva-protocol-2021-annex-2-regulatory-framework-draft