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Recommendations
2003
Individual Voluntary Arrangements
The IVA as currently structured is too complex and, therefore, too expensive
for many cases of personal indebtedness. Consideration should be given
by the profession in conjunction with the Insolvency Service to designing
a simpler product, which would suit many more cases.
Regulations and Monitoring
The RPBs need to adopt a more pro-active approach to regulation and not
just react when a complaint is made. This may well require an enhancement
of the number and quality of monitoring staff.
Joint Disciplinary Body
The RPBs could consider creating a joint disciplinary body in a similar
way to that created by the Actuaries or at least a joint fact-finding
and investigation unit.
Agreed Bankruptcy Cases
The large number of old bankruptcy cases being passed out by the Protracted
Realisations Unit of the Insolvency Service are being dealt with in many
different ways by IPs. There does not appear to be a standard approach
and we recommend that the Insolvency Service issue some form of guidance.
A PDF version
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