The responses received to the consultation have been reviewed by the JIC working group which had developed the SIP and a revised version of SIP 6 has been produced as a consequence of that review taking into account the feedback received. The working group comprised insolvency practitioners and representatives of HMRC and the Insolvency Service.
Insolvency practitioners should note the changes made to the interim version of SIP 6 as set out below:
- Making it explicit that the SIP applies to certain specific decisions and not to all decisions that an insolvency practitioner may make by using the terminology from the Act and Rules. This has also led to the title of the SIP being amended.
- Removing a reference to sending notices on the same day but adding a requirement for insolvency practitioners to take steps to ensure that those entitled to participate are treated fairly.
- Increasing the level of disclosure about an insolvency practitioner’s prior involvement with the company.
- Providing that additional information is made available on request and may be made available via a website.
The new SIP 6 will replace the interim version of SIP 6, effective 1 January 2018. Unlike the interim SIP 6, the new SIP will apply to LLPs as the Insolvency (Miscellaneous Amendments) Regulations 2017 now apply the Insolvency (England and Wales) Rules 2016 to LLPs.
Please note that the SIP applies in England and Wales only.