The purpose of Statements of Insolvency Practice (SIPs) is to promote and maintain high standards by setting out required practice and harmonising the approach of Insolvency Practitioners to particular aspects of insolvency practice.
SIP 3 is issued under procedures agreed between the insolvency
regulatory authorities acting through the Joint Insolvency Committee
(JIC). It was commissioned by the JIC, produced by the Association of Business Recovery Professionals, and has been approved by the JIC and
adopted by each of the regulatory authorities.
SIP 3 - voluntary arrangements in Northern Ireland