The following Statements of Insolvency Practice are relevant for insolvency procedures in Scotland
SIP 1: AN INTRODUCTION TO STATEMENTS OF INSOLVENCY PRACTICE
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SIP2: INVESTIGATIONS BY OFFICE HOLDERS IN ADMINISTRATIONS AND INSOLVENT LIQUIDATIONS
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SIP 3: VOLUNTARY ARRANGEMENTS AND TRUST DEEDS
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SIP4: DISQUALIFICATION OF DIRECTORS
*APPLIES ONLY TO INSOLVENCY PROCEEDINGS COMMENCED ON OR BEFORE 5 APRIL 2016* View
*APPLIES ONLY TO INSOLVENCY PROCEEDINGS COMMENCED ON OR BEFORE 5 APRIL 2016* View
SIP 5: ISSUED AS INSOLVENCY BULLETIN NO. 5 (OCTOBER 2000)
*NO LONGER APPLIES* View
*NO LONGER APPLIES* View
SIP 6: STATEMENT OF INSOLVENCY PRACTICE 6
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SIP 7: PRESENTATION OF FINANCIAL INFORMATION IN INSOLVENCY PROCEEDINGS
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SIP 8: CONDUCT AT MEETINGS OF CREDITORS HELD PURSUANT TO SECTION 98 OF THE INSOLVENCY ACT 1986
With effect from 6 April 2019 SIP 8 is withdrawn except for limited liability partnerships and for certain special insolvency regimes View
With effect from 6 April 2019 SIP 8 is withdrawn except for limited liability partnerships and for certain special insolvency regimes View
SIP 9: REMUNERATION OF INSOLVENCY OFFICE HOLDERS
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SIP 10: PROXY FORMS
With effect from 6 April 2019 SIP 10 is withdrawn except for limited liability partnerships and for certain special insolvency regimes View
With effect from 6 April 2019 SIP 10 is withdrawn except for limited liability partnerships and for certain special insolvency regimes View
SIP 11: THE HANDLING OF FUNDS IN FORMAL INSOLVENCY APPOINTMENTS
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SIP 12: RECORDS OF MEETINGS IN FORMAL INSOLVENCY PROCEEDINGS
With effect from 6 April 2019 SIP 12 is withdrawn except for limited liability partnerships and for certain special insolvency regimes View
With effect from 6 April 2019 SIP 12 is withdrawn except for limited liability partnerships and for certain special insolvency regimes View
SIP 13 - DISPOSAL OF ASSETS TO CONNECTED PARTIES IN AN INSOLVENCY PROCESS
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SIP 13B: ACQUISITION OF ASSETS OF INSOLVENT COMPANIES BY DIRECTORS
*SUPERSEDED* View
*SUPERSEDED* View
SIP 14: A RECEIVER'S RESPONSIBILITY TO PREFERENTIAL CREDITORS
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SIP 15: REPORTING AND PROVIDING INFORMATION ON THEIR FUNCTIONS TO COMMITTEES (AND COMMISSIONS IN SEQUESTRATIONS) IN FORMAL INSOLVENCIES
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SIP 16: PRE-PACKAGED SALES IN ADMINISTRATIONS
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SIP 17: A RECEIVER'S RESPONSIBILITY FOR THE COMPANY'S RECORDS
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Changes to the Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements (13 January 2023)
The principal changes in the revised SIP 3.1 relate to the degree of emphasis on the IP’s responsibility to ensure that the debtor has received suitable advice prior to entering an IVA and during its implementation. This includes ensuring that the debtor is aware of all potential debt relief solutions available and that they are provided with adequate time to think about the consequences and the options available before instructing an IVA to be drawn up. View
The principal changes in the revised SIP 3.1 relate to the degree of emphasis on the IP’s responsibility to ensure that the debtor has received suitable advice prior to entering an IVA and during its implementation. This includes ensuring that the debtor is aware of all potential debt relief solutions available and that they are provided with adequate time to think about the consequences and the options available before instructing an IVA to be drawn up. View
Further Information & Articles
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