Revised SIP 1 issued
ICAS and the Recognised Professional Bodies and Competent Authorities under the Insolvency Act 1986 and Insolvency (Northern Ireland) Order 1989 have jointly agreed and issued a revised Statement of Insolvency Practice 1 (SIP 1) – An Introduction to Statements of Insolvency Practice.
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.
The revised SIP also requires creditors to be informed at the earliest opportunity that the insolvency practitioner is bound by the Insolvency Code of Ethics and, if requested, to provide details of any threats identified to compliance with the fundamental principles and safeguards applied. If for any reason it is not appropriate to disclose such information then the insolvency practitioner must explain why.
An Introduction to Statements of Insolvency Practice
David Menzies, Director of Insolvency commented:
"These two measures will increase transparency and confidence in the insolvency profession and related processes. These measures are the first outcomes of a wider ethics related project being undertaken by the Joint Insolvency Committee."
The revised SIP 1 is effective 1 October 2015.