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 SIPs 8, 10 & 12 are withdrawn with immediate effect in respect of all appointments in England & Wales, other than in respect of Limited Liability Partnerships and certain other special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.
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