Marcial Boo, CEO

IPA Insolvency Practitioner newsletter, April 2025

Dear members,

As we enter Spring and see new growth, I am delighted that the IPA supports many people at the outset of their insolvency careers. Our Rising Professionals networking event this week was very well attended and bodes well for the profession’s future. I hope to see them and others of you at our flagship 2025 Annual Conference on 30 April. Do sign up.

Key recent news relates to the Individual Voluntary Arrangement (IVA) protocol. The revised IVA Protocol 2025 came into effect on 31 March 2025. Until 30 June, you can use both the 2021 and 2025 IVA Protocols, but from 1 July 2025, all new IVAs must follow the new version. The IPA has welcomed the new protocol, but we want more reform to help improve IVA completion rates. We will monitor the impact of the changes and use our findings to help enhance the sustainability of IVAs in future.

Elsewhere in this month’s update, we have a reminder of the Office for Financial Sanctions Implementation (OFSI) sanctions regime and IP reporting obligations. New reporting requirements come into effect on 14 May, so please be aware of your obligations. OFSI has also published its Annual Review 2023-24, with an overview of its recent activity, highlighting the impact of financial sanctions and compliance. You may find this useful reading.

Meantime, I hope you enjoy the Spring and see you at our conference.

Best wishes,

Marcial Boo