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Changes to three Statements of Insolvency Practice (SIPs) - Effective 1 April 2021

Feb 22, 2021

Following a Joint Insolvency Committee consultation changes are being made to three Statements of Insolvency Practice. The changes will take effect from the 1st April 2021.

The updated SIPs are:

  • SIP 3.2 Company Voluntary Arrangements
  • SIP 7 Presentation of financial information in insolvency proceedings
  • SIP 9 Payments to insolvency office holders and their associates from an estate (Northern Ireland)
  • SIP 9 Payments to insolvency office holders and their associates from an estate (England)
  •  SIP 9 Payments to insolvency office holders and their associates from an estate (Scotland)
Insolvency Practitioners should familiarise themselves with the new SIPs prior to their effective date of commencement.  These SIPs were issued for consultation in May 2020 and detailed background information is available here.

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