The Standard Debt Settlement Arrangement and Personal Insolvency Arrangement Protocol documents incorporate standard terms which should suit the majority of cases:
Both the Standard Debt Settlement Arrangement and Personal Insolvency Arrangement Protocols were updated in June 2024
The ISI has summarised the changes made to both Protocols below:
Summary of Changes to Protocols and Principles June 2024
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The Principles document below contains the over-arching aims of the both the DSA and PIA Protocol and sets out the high level agreement reached by the Debt Solutions Protocol Steering Group on the issues:
The Principles document has been updated with the changes set out in Summary of Changes to Protocol and Principles June 2024 document above
To give an idea of how these documents will work in practice the ISI has populated a Standard Debt Settlement Arrangement and Personal Insolvency Arrangement Proposal:
The following PIA/Bankruptcy Comparison template was agreed by the Protocol Oversight Committee.
The Debt Solutions Protocol Steering Group also prepared documents which can be used by practitioners post approval of an arrangement. These include notifications of the results of meetings of creditors, periodic reviews, variations, etc. While the use of such standard documents is not a requirement, it should bring benefits to both Practitioners and creditors and is strongly encouraged.
The Protocol Oversight Committee agreed updated variation templates in September 2022 which are available to PIPs (link below). The use of these templates is not a Protocol requirement.
The following Best Practice Note which includes an example of a Dividend Payment Schedule template was agreed by the Protocol Oversight Committee in July 2022.
Previous versions before June 2024 updates.