New Statement of Insolvency Practice 9 – effective from 1 December 2015
The authorising bodies are now issuing a revised version of Statement of Insolvency Practice 9 - payments to insolvency office holders and their associates (England and Wales), effective from 1 December 2015.
The SIP will apply from the effective date to all cases, irrespective of the date of the insolvency practitioner’s appointment, and the existing SIP 9 will be withdrawn. For avoidance of doubt, the SIP does not apply retrospectively to fee estimates produced prior to the effective date of the SIP.
The SIP does not prescribe or suggest a format for the presentation of information about fees and whilst practitioners are not precluded from utilising existing formats within their reports, they should note the emphasis placed within the SIP upon the quality of the accompanying narrative.
Practitioners are also reminded that the Insolvency Regulations 1994 as relate to the recording of time spent currently remain in force.
The changes to the law which required a change to the SIP only apply in England and Wales. Therefore, no changes are being made to SIP 9 for Scotland and Northern Ireland at this time.