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Important notice: Changes to SIP 16 reporting requirements

19 March 2026

Effective immediately, there is a change in the IPA’s approach regarding Statement of Insolvency Practice 16 ‘Pre-packaged sales in administrations’ (SIP 16) disclosures, led by the Insolvency Service (INSS) and supported by the IPA.

Background

Since 2024, the IPA has applied a risk-based approach to SIP 16 submissions, focusing primarily on connected party transactions. Following sustained high compliance and minimal issues identified, full reviews were reduced to 10% in 2025. Given this continued low-risk profile, it had been anticipated that this would reduce further to 5% in 2026.

Details of change

The INSS has confirmed that it will no longer collect data regarding SIP 16 submissions. Based on the shared assessments of the Recognised Professional Bodies (RPBs), the INSS considers this to be an area of low regulatory risk. Responsibility will therefore rest with the RPBs to determine, through their own risk approaches, whether there are matters of concern relating to SIP 16 compliance and individual Insolvency Practitioners (IPs). With effect from today:

  • There is no longer a requirement for IPs licensed by the IPA to submit SIP 16 disclosures directly to the IPA via the designated mailbox.
  • The IPA will continue to monitor SIP 16 compliance as part of its routine monitoring visits.
  • IPs must continue to file SIP 16 disclosures at Companies House.

We trust that this reduction in administrative reporting will be a welcome change.

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