Introduction
R3 Standard Terms and Conditions
Procedure for proposals when the R3 Standard Terms and
Conditions are used
VAS modifications to the R3 Standard Terms and
Conditions
After discussion with the nominee
Introduction
The Association of Business Recovery Professionals (R3): Rescue,
Recovery, Renewal has introduced Standard Terms and Conditions for
IVAs for use by its members and the debtors whom they advise.
They were drawn up following consultations in which the
Revenue and Customs played a key role. IPs are increasingly making
use of them when proposals are drafted.
There are 72 clauses to the R3 Standard Terms. VAS has agreed
all but two of these. VAS does not accept
VAS does support the R3 Standard Terms subject to modification of these two clauses and the inclusion of some VAS specific clauses
R3 Standard Terms and Conditions
The Standard Terms will be set out fully in each arrangement to
which they apply.
When they are not used in their entirety the proposal will
draw attention to any omissions or variations and give reasons for
them.
Standard Terms are published by R3 and are available to IPs
on their Website http://www.r3.org.uk. (The STG VA Technical
Support (Technical/Training and STG Insolvency and EIS Technical
Library Support C2s each have permissions to access the R3
website.)
VAS Team Managers and Casework Managers hold copies of the
full Standard Terms.
Procedure for proposals when the R3 Standard
Terms and Conditions are used
Voting Team examiners need to carefully examine the commercial
offer element of
all proposals and
all terms and conditions proposed when they differ
from the R3 model.
When the R3 Standard Terms are used in VA proposals
VAS modifications to the R3 Standard Terms and
Conditions
If any of the modifications are not accepted, then the VAS vote(s) for IR or C&E must be taken as a rejection.
After discussion with the nominee
