SIP 15 - Reporting and providing information on their functions to committees and commissioners
Date published:
The authorising bodies are now issuing a revised version of Statement of Insolvency Practice 15 (SIP 15) – Reporting and providing information on their functions to committees and commissioners, effective from 1 March 2017. The new SIP 15 was been developed by a working party of the Joint Insolvency Committee and was subject to a public consultation process in 2016.
The following approach has been used in revising the SIP:
- The SIP applies to all office holders. Following consultation feedback, it has been clarified that the SIP will also apply to IPs providing advice or assistance to directors in connection with the appointment of a liquidator in a creditors’ voluntary liquidation
- The SIP adopts the principles and key compliance standards format used for all new SIPs
- Following consultation feedback the SIP requires information to be provided to creditors prior to them considering nomination to a committee
- The SIP has been future-proofed by disentangling the information guides from the SIP itself. While IP’s are able to make available information to creditors in their own style, R3 have published “Liquidation/Creditors’ Committees and Commissioners (Scotland) – A Guide for Creditors” which may be used to provide information to creditors - R3 website.
The new SIP 15 will come into effect on 1 March 2017, for cases started on or after that date. This SIP will apply UK wide.