Does SIP 3 consultation go far enough?

Does SIP 3 consultation go far enough?

What should insolvency practitioners (IPs) consider in light of the recent consultation on proposed revisions to Statement of Insolvency Practice 3 (SIP 3) on company voluntary arrangements (CVAs)?

The Joint Insolvency Committee (JIC) is consulting on a revised SIP 3 for CVAs. Various bodies, including the Insolvency Practitioners Association (IPA), are seeking comments by 7 January 2014.  http://www.insolvency-practitioners.org.uk/regulation-and-guidance/sip-consultation 

What is being proposed?

SIP 3 currently covers both CVAs and individual voluntary arrangements (IVAs). In spring 2013, the JIC consulted on

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About the author:
Kathy specialises in restructuring and cross-border insolvency. She qualified as a solicitor in 1995 and has since worked for Weil Gotshal & Manges and Freshfields. Kathy has worked on some of the largest restructuring cases in the last decade, including Worldcom, Parmalat, Enron and Eurotunnel.