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Sir William Blackburne (sitting as a High Court judge) held that the IVA Protocol was a voluntary code and did not affect the statutory rights of a creditor. Therefore a bank bound by the Protocol was not obliged to vote in favour of a Protocol Compliant proposal for an Individual Voluntary Arrangement unless it had good reasons not to. In any event, favouring a 10 year debt management plan over a 5 year IVA was a sufficiently good reason to vote against the proposal.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...