The recent decision in Green v Wright provided some welcome clarification as to the entitlement to PPI refunds that are received by a former supervisor following the completion of an individual voluntary arrangement (“IVA”).
A review of the current PPI Guidance (issued April 2013) indicated that its provisions are unaffected by the decision in Green v Wright. It was decided however that following the judgement in Green v Wright, further clarification in respect of individual voluntary arrangements would be beneficial. This guidance, prepared by the IPA, ICAEW and R3, is intended to be supplemental to the original PPI guidance.
The new guidance covers the following matters:
- Implications of the decision in Green v Wright- Is the PPI refund an asset of the arrangement
- What is the effect on any continuing trust of the completion or termination of the arrangement
- What are the former supervisor’s obligations in respect of closed cases
- Unexpected PPI claims in ‘full and final settlement’ cases
- Documenting strategies, decisions and the reasons for them
- The importance of communications for debtors
- Future IVAs
The full text of the guidance can be found here (please note that you must be logged in).
This guidance does not constitute legal advice nor does it seek to instruct or direct IPs in the administration of their insolvency cases. You should seek independent legal advice on the facts of your particular case if you require advice you/the estate can rely on.
Clarification of HMRC address for V7 deregistration requests
In the recent technical bulletin article 118.4 the incorrect postcode was provided for HMRC. Please note the correct address for the submission of V7 deregistration requests is as shown on the V7 form:
1. Grimsby Deregistration Unit: Imperial House, 77 Victoria Street, Grimsby DN31 1DB