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The Recognised Profession Bodies (RPBs) and Competent Authorities have jointly agreed and issued a revised Statement of Insolvency Practice (SIP 1). 'SIP 1 - an introduction to statements of insolvency practice', will be effective from 1 October 2015.
Changes are being introduced to increase transparency and confidence in the insolvency profession and related processes as part of the wider ethics work being undertaken by the Joint Insolvency Committee.
The revised SIP extends each RPB's current requirement for an insolvency practitioner to report the actions of any other insolvency practitioner authorised by the same RPB which may discredit the profession to such actions of any insolvency practitioner.
Changes are also made to require an insolvency practitioner to inform creditors at the earliest opportunity that they are bound by the Insolvency Code of Ethics and, if requested, provide details of any threats.
Source: Press Release: Statement of insolvency practice 1--Revised version issued, effective 1 October 2015
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