R3 has a series of guides for the public which explain the rights of creditors during an insolvency process and as regards the approval of fees. These may be accessed by using the following link: – www.creditorinsolvencyguide.co.uk.
Statements of Insolvency Practice (SIPs)
SIPs are issued with a view to maintaining standards by setting out required practice and by harmonising practitioners’ approach to particular aspects of insolvency.
SIPs are issued under procedures agreed between the insolvency regulatory authorities acting through the Joint Insolvency Committee (JIC). They are produced by R3 (the Association of Business Recovery Professionals) and subsequently approved by the JIC and adopted by each of the regulatory authorities (recognised professional bodies – “RPBs) listed below allowed by the Department for Business, Energy & Industrial Strategy to grant insolvency authorisation (licence) to their members :
Association of Chartered Certified Accountants
Insolvency Practitioners Association
Institute of Chartered Accountants in England and Wales
Institute of Chartered Accountants in Ireland
Institute of Chartered Accountants of Scotland
The purpose of SIPs is to set out basic principles and essential procedures with which insolvency practitioners are required to comply. Departure from the standard(s) set out in SIPs is a matter that will be considered by a practitioner’s regulatory authority for the purposes of possible disciplinary or regulatory action.
SIPs should not be relied upon as definitive statements of the law. No liability attaches to any body or person involved in the preparation or promulgation of SIPs.
The downloads below relate to the insolvency of companies and individuals within the jurisdiction of the Courts of England and Wales – certain SIPs which are specific to Northern Ireland and Scotland can be viewed on and downloaded from R3’s website.