Policies & Procedures

SIPS - Statement of Insolvency Practice

Our recovery policy for disbursements under Statement of Insolvency Practice 9 is as follows:

Category 1 expenses

All such items are re-charged to the case as and when they are incurred.

Category 2 expenses

Items including telephone & facsimile/printing & photocopying will usually be treated as general office overheads and not subject to a re-charge. Car mileage is re-charged at the rate of 45 pence per mile; storage of boxes of books and records of the company at £10 per annum per box for the period of the insolvency, plus 12 months; and room hire for any meeting of members and creditors at £100 per meeting.

The following download contains the Statement of Insolvency Practice 9 (England and Wales) regarding payments to insolvency office holders and their associates.

SIP 9

Creditors in formal insolvencies where the office holder(s) were appointed before 6 April 2010 should refer to the July 2004 version; Creditors in formal insolvencies where the date of appointment is on or after 6 April 2010 should refer to the November 2011 version and Creditors in formal insolvencies where the date of appointment was on or after 1 October 2015 should refer to the December 2015 version.

You can follow the link here which will direct you to the R3 website - SIP 9, or alternatively browse the PDF's below.

SIP 15

Members of any creditors or liquidation committees that are formed are directed to Statement of Insolvency Practice 15 which explains the duties, obligations and rights of members of committees in respect of each type of formal insolvency. Committee members are urged to read the section relevant to the type of insolvency relating to the committee of which they are members carefully and to contact the relevant case administrator to discuss any areas where they may require further clarification.

You can follow the link here which will direct you to the R3 Website - SIP 15 or alternatively browse the PDF folders below.

Statements of Insolvency Practice - SIPs

SIPs are issued to insolvency practitioners with a view to maintaining standards by setting out required practice and harmonising practitioners’ approach to particular aspects of insolvency. The purpose of SIPs is to outline basic principles and essential procedures with which insolvency practitioners are required to comply. Departure from the standards established in SIPs is a matter that may be taken into account in the event of disciplinary or regulatory action.

The link below will direct to the Insolvency Practitioners Association website where you will be able to find information regarding, England & Wales, Scotland and Northern Ireland standards.

https://insolvency-practitioners.org.uk/regulation-and-guidance/sips/

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