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SIPs – England & Wales

SIPs are issued to insolvency practitioners with a view to maintaining standards by setting out required practice and harmonising practitioners’ approach to particular aspects of insolvency.The purpose of SIPs is to outline basic principles and essential procedures with which insolvency practitioners are required to comply. Departure from the standards established in SIPs is a matter that may be taken into account in the event of disciplinary or regulatory action.All SIPs should be read in conjunction with SIP1 (An introduction to statements of insolvency practice)Below is the list for England & Wales:

The new Statement of Insolvency Practice (SIP) 6 (England and Wales) takes effect today, 6 April 2017, to coincide with the introduction of the Insolvency (England & Wales) Rules 2016. SIPs 8, 10 & 12 are withdrawn with immediate effect in respect of all appointments in England & Wales, other than in respect of Limited Liability Partnerships and certain other special insolvency regimes (see the Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017 and The Insolvency (England and Wales) Rules 2016 (Consequential Amendments and Savings) Rules 2017) , for which Rule changes are planned to follow in October 2017 should Parliamentary time allow. 

SIP Index  – Index of All E & W SIPs 

SIP 1 – An introduction to statements of insolvency practice (Effective 1 October 2015)

SIP 2 – Investigations by Office Holders in Administrations and Insolvent Liquidations and the Submission of Conduct Reports by Office Holders (Effective 6 April 2016)

SIP 3.1 – Individual voluntary arrangements (Effective 1st July 2014)

SIP 3.2 – Company voluntary arrangements (Effective 1st July 2014)

SIP 6  – Decision Making in Insolvency Proceedings (Effective 1st January 2018)

SIP 7  – Presentation of financial information in insolvency proceedings. (Effective 2nd May 2011)

SIP 9 – Payments to insolvency office holders and their associates (Effective 1st December 2015)

SIP 11  – The handling of funds in formal insolvency appointments  (Effective 1st January 2018)

 SIP 12 – Records of meetings in formal insolvency proceedings  (Effective 1st August 1996)

SIP 13 – Disposal of Assets to connected parties in an insolvency process (Effective 1st December 2016)

SIP 14  – A receiver’s responsibility to preferential creditors  (Effective 1st June 1999)

SIP 15  – Reporting and providing information on IPs functions to committees in formal insolvencies (Effective 1 March 2017)

SIP 16  – Pre-packaged sales in adminstrations (Effective from 1st November 2015)

SIP 17  – An administrative receiver’s responsibility for the company’s records. (Effective 1st August 1997, but renumbered as SIP17 with effect from 2 May 2011)

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