Statements of Insolvency Practice - Overview

Statements of Insolvency Practice ('SIPs') set out certain standards of practice to which insolvency practitioners are required to adhere. Compliance with SIPs is monitored and where necessary enforced by the regulatory bodies.

The following SIPs are peculiar to Scotland

• SIP1  -  A receiver's responsibility for the company's records
• SIP2  -  A liquidator's investigation into the affairs of an insolvent company
• SIP3a  -  Trust Deeds
• SIP3b  -  Company voluntary arrangements
• SIP4  -  Disqualification of directors
• SIP7  -  Preparation of insolvency office holders' receipts and payments accounts
• SIP8  -  Summoning and holding meetings of creditors convened pursuant to section 98 of The Insovency Act 1986
• SIP9  -  Remuneration of insolvency office holders
• SIP10  -  Proxy forms
• SIP11  -  The handling of funds in formal insolvency appointments
• SIP12  -  Records of meetings in formal insolvency proceedings
• SIP13  -  Acquisition of assets of insolvent companies by directors
• SIP14  -  A receiver's responsibility to preferential creditors
• SIP15  -  Reporting and providing information on their functions to committees (and Commissioners in sequestrations) in formal insolvencies

 Return to Top