SIPs – Scotland

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 Scotland:

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 3.2 Company Voluntary Arrangements (Effective 1st April 2021)

SIP 3.3 Trust Deeds (Effective December 2016)

SIP 4    Disqualification Of Directors (Effective 1st Sep 1999)

SIP 6    Deemed Consent and Decision Procedures in Insolvency Proceedings SIP 6 (Effective 6 April 2019) please note that the SIP does not apply to Scottish registered LLPs or special insolvency regimes

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

SIP 8    Summoning And Holding Meetings Of Creditors Convened Pursuant To Section 98 Of The Insolvency Act 1986  (Effective 1st Feb 2002). Please note that this SIP is withdrawn for most insolvencies with effect from 6th April 2019 but remains in place for Scottish Limited Liability Partnership (LLP) insolvency and special insolvency regimes which are not covered by the introduction of the 2018 rules and remain under the insolvency (Scotland) Rules 1986 and other secondary legislation.

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

SIP 10  Proxy Forms (Effective 1st May 1997). Please note that this SIP is withdrawn for most insolvencies with effect from 6th April 2019 but remains in place for Scottish Limited Liability Partnership (LLP) insolvency and special insolvency regimes which are not covered by the introduction of the 2018 rules and remain under the insolvency (Scotland) Rules 1986 and other secondary legislation.

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 May 1997)

SIP 13  Disposal of assets to connected parties in an insolvency process (Effective 30th April 2021)

SIP 14  A receiver’s responsibility to preferential creditors

SIP 15  Reporting And Providing Information On Their Functions To Committes (And Commissioners In Sequestrations) In Formal Insolvencies (Effective 1 March 2017)

SIP 16  Pre-packaged sales in adminstrations (Effective from 30th April 2021)

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