The draft revised SIP 3.1 places more emphasis on the advice stage of the debt solution process and aims to make an Insolvency Practitioner’s (IP’s) responsibility to have procedures in place to ascertain whether the debtor has received adequate and appropriate advice on the options available to them more explicit.

The draft revised SIP 3.1 incudes a greater emphasis on documenting the process, including, where appropriate, advice calls, and on providing information to creditors that is more extensive and useful to them than before.

The consultation commenced on 12 August 2021 and was open for a period of 12 weeks, closing on 5 November 2021.

The JIC recognises that these are testing times, these are, however, only proposed changes. There is no intention to amend SIP 3.1 without careful consideration of the responses received and any plan to introduce changes will take into account any continuing challenges faced by the insolvency profession.