Joint Insolvency Committee definition

View the related practice notes about Joint Insolvency Committee

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administration

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administration Insolvency practitioners (IPs) are required to comply with both legislation and Statements of Insolvency Practice (SIPs). SIPs are a series of guidance notes issued by the Joint Insolvency Committee, see Practice Note: Statements of Insolvency Practice—a quick guide. SIP 16 was introduced to prevent perceived possible misuse of pre-pack administrations sales and requires an administrator to take various actions in relation to: • preparatory work • marketing • disclosure A revised SIP 16 (effective from 30 April 2021) was released to reflect the additional statutory obligations placed on administrators as a result of the Administration (Restrictions on Disposal etc to Connected Persons) Regulations 2021, SI 2021/427. For further reading on the regulations, see Practice Note: Pre-pack administration—connected person sales. When does SIP 16 apply? SIP 16 states that it applies to all pre-packed sales in administrations, irrespective of who the purchaser may be. The amendments made to SIP 16 (effective from 30 April 2021) appear to extend the definition of ‘connected’ to include any person connected to a secured...

Statements of Insolvency Practice—a quick guide

Statements of Insolvency Practice—a quick guide STOP PRESS: The Institute of Chartered Accountants in Ireland has requested that its recognition as a recognised professional body be revoked. The Secretary of State is satisfied that it is appropriate to make that revocation which will take effect from 1 June 2025. See: LNB News 07/05/2025 27. What are Statements of Insolvency Practice? Insolvency practitioners (IPs) are required to comply with both legislation and Statements of Insolvency Practice (SIPs). SIPs are a series of guidance notes. The purpose of a SIP is to promote and maintain high standards by setting out required practice and by harmonising the approach of IPs to particular aspects of insolvency practice in England and Wales, Scotland and Northern Ireland. Failure to comply with the required standards, legislation or with SIPs may result in disciplinary action against an IP being taken by their relevant authorising body. SIPs are commissioned by the Joint Insolvency Committee (JIC), which is made up of representatives from each of the bodies...