SIPs – Northern Ireland

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 Northern Ireland: 

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 4 April 2016)

SIP 3A – Voluntary arrangements  (Effective 1st April 2007)

SIP 3.1 – Individual voluntary arrangements (Effective 1st March 2023)

SIP 3.2 – Company voluntary arrangments (Effective 1st April 2021) 

SIP 4 – Disqualification Of Directors  (Effective 1st Aug 1999)

SIP 7 – Presentation of financial information in insolvency proceedings. (Effective 1st April 2021)

SIP 8 – Summoning And Holding Meetings Of Creditors Convened Pursuant To Section 98 Of The Insolvency Act 1986  (Effective 1st Aug 1997)

SIP 9 – Payments to Insolvency Office Holders and their Associates from an Estate (Effective 1st April 2021)

SIP 10 – Proxy Forms (Effective 1st Aug 1996)

SIP 11 – The handling of funds in formal insolvency appointments  (Effective 1st May 2007) click here for explanatory note

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

SIP 13 – Disposal of assets to connected parties in an insolvency process (Effective 25 June 2021)

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

SIP 15 – Reporting And Providing Information On Their Functions To Committees In Formal Insolvencies  (Effective 1 March 2017)

SIP 16 – Pre-packaged sales in administrations (Effective from 25 June 2021)

SIP 17 – An administrative receiver’s responsibility for the company’s records. (Effective 1st June 1998, but renumbered as SIP17 with effect from 2 May 2011)