Guidance for insolvency practitioners

Insolvency Practitioners are required to comply with legislation and with Statements of Insolvency Practice (SIPs). The purpose of SIPs is to promote and maintain high standards by setting out required practice and harmonising the approach of insolvency practitioners to particular aspects of insolvency practice. Failure to comply with the legislation or with SIPs may result in disciplinary action against the insolvency practitioner being taken by the relevant authorising body.


Insolvency is governed by legislation which is constantly under review. Personal insolvency in Scotland is devolved to the Scottish government whereas responsibility for legislation on corporate insolvencies in Scotland is divided between the Scottish and UK governments. Legislation is too voluminous to be included here however you can access insolvency legislation on the UK government legislation website.

Legislation relating to personal insolvency in Scotland, which is different from procedures operating in England & Wales, can be accessed by visiting the Accountant in Bankruptcy's website.

Statements of Insolvency Practice (SIPs)

SIPs set principles and key compliance standards with which Insolvency Practitioners are required to comply. They are issued to Insolvency Practitioners under procedures agreed between the authorising bodies acting through the Joint Insolvency Committee.

To reflect any legislative differences between the jurisdictions separate SIPs have been issued for England & Wales, Scotland, and Northern Ireland but the thrust of a particular SIP is common to the various geographical areas. Current SIPs can be accessed at the following links:

Current Scottish SIPs

Current England & Wales SIPs

Current Ireland SIPs

Current Northern Ireland SIPs

Superseded SIPs

Help sheets

Help sheets have been produced by R3 Scottish Technical Committee (STC) and approved by ICAS Insolvency Committee to assist members in complying with requirements in various areas of insolvency practice.


Administration PDF [56 KB]

Court Liquidation (Scotland) PDF [74 KB] 

Creditors' Voluntary Liquidation (Scotland) PDF [73 KB]

Members' Voluntary Liquidation (Scotland) PDF [56 KB]

Sequestration PDF [65 KB]

Guidance on specific subjects

The following link is accessible only by Members of this Institute:

Index to guidance on specific subjects


  • Guidance
  • Insolvency

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