Statements of Insolvency Practice (SIPs)
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.
SIPs in relation to Republic of Ireland insolvencies are available on the website of the Institute of Chartered Accountants in Ireland – www.icai.ie