NEWS...
SIVA Plans 'Withdrawn'
Proposed amendments to Insolvency Act 1986, which would have introduced Simplified IVAs - known as SIVAs - have been withdrawn by the Insolvency Service (IS).
The organisation explained this change of plan by highlighting the recent dramatic improvements in the IVA marketplace. The slight alterations which have been introduced have, in turn, produced the desired results without the need for further legislation. It is also now being monitored closely by the IVA Standing Committee, further negating the need for any legislative changes.
A spokesperson for IS added: "The decision to withdraw SIVAs has caused disappointment in some circles but there is also acknowledgement of the work done to date by non-regulatory means in improving the IVA regime and delivering a better deal for all concerned. The IS continues with its plans to take proposals forward for authorised persons and removing unnecessary requirements to report to court."
Meanwhile, a representative for the British Bankers Association said: "The banks are pleased with the decision not to proceed with SIVAs as we had concerns about the effectiveness of the proposals."
Original article courtesy of CCR. For further information visit www.ccrmagazine.co.uk
