Protected Trust Deed Review Board
Terms of Reference
To PTD Review Board will:
- Provide information and guidance to the Accountant in Bankruptcy ( AiB) on the administration of Protected Trust Deeds ( PTDs);
- Help to identify problems/issues or general areas of concern arising from the administration of PTDs at an early stage; and
- Act as a discussion forum for stakeholders, to ensure that there is an effective conduit for the receipt and dissemination of information concerning PTDs across stakeholder groups and interested parties.
The key objectives of the PTD Review Board are:
- To work with stakeholders on the Guidance (the Guidance) to ensure that guidance remains up to date and fit for purpose;
- To oversee and review the operation of the PTD process to ensure that it strikes the best possible balance between the needs of debtors and the rights of creditors;
- To communicate and consult, where necessary, on future developments on the Guidance;
- To develop solutions to any identified problems with PTDs;
- To effectively disseminate PTD information to stakeholders; and
- To alert external supervisory bodies (such as the OFT) to issues that affect PTDs but fall within their remit.
The PTD Review Board will be chaired by the AiB. Membership will be made up as follows:
Recognised Professional Bodies - Two seats
R3 - One seat
Debt Advice Sector - Two seats
Creditor Organisations - Two seats
Creditor Agent - One seat
PTD bulk provider - One seat
Bulk creditor - One seat
HMRC - One seat
Small practitioner - One seat
Membership, excluding The Chair, The Secretariat and Observer Members shall not exceed 12.
The period for which an organisation sits on the PTD Review Board will normally be 2 years from their first attendance at a meeting. Membership will be by invitation from The AiB, unless stated otherwise in Appendix 1, who will seek to ensure that there is appropriate representation from the various groupings involved. The AiB may invite other stakeholders to meetings on an ad hoc basis. Others can be invited by the Chair to act as observer members.
The period for which an organisation attends the PTD Review Board as an observer member will normally be 2 years from their first attendance at a meeting. Observer membership will be by invitation from The AiB, who will seek to ensure that there is appropriate representation from the various groupings involved.
There will be a maximum of 2 observer members at any time.
This scope of the PTD Review Board is limited to the examination and discussion of issues related to the operation of the Protected Trust Deed process. The PTD Review Board has no role to play in complaint handling or monitoring of insolvency practitioners and will not consider individual complaints.
5. Frequency of Meetings
The first meeting of the PTD Review Board will take place before xx xx 2011. Thereafter, the Committee will meet at least twice per year. The AiB will retain the right to alter the frequency of meetings in consultation with stakeholders.
6. Record of Meetings, Communication and Consultation
Agenda and minutes of meetings will be recorded and will be made available on the AiB website. Further miscellaneous updates or actions will be communicated via email to members of the PTD Review Board and posted on the AiB website.
The AiB Policy Development and Compliance Team will perform the secretariat function of the Board.
7. Quorum / Voting
A quorum shall be 6 full members of the PTD Review Board (including nominated substitutes). For the avoidance of doubt the Chair is a full member of the PTD Review Board.
Whilst it is envisaged that decisions and recommendations can be arrived at via consensus, in the event of a vote being required, decisions can be agreed by a simple majority of those full members present (or their nominated substitutes) with the Chair holding a casting vote.
8. Evaluation of the PTD Review Board
The Operation of the Review Board will be evaluated by AiB 12 months after the first meeting and annually thereafter.
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