SIP 6 Deemed Consent and Decision Procedures in Insolvency Proceedings

Mar 29, 2019

The Joint Insolvency Committee (JIC) has approved a revised version of Statement of Insolvency Practice SIP 6 which was introduced in April 2017 to coincide with the Insolvency (England and Wales) Rules 2016 and updated effective 1 January 2018.

The revised version has been amended only to remove reference to England and Wales in order that the SIP will also apply to corporate insolvency procedures for Scottish registered companies following the introduction of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 and the Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 (the 2018 Rules).

The revised SIP 6 will replace the current version of SIP 6, effective 6 April 2019.

Please note that the SIP does not apply in Northern Ireland and also does not apply to Scottish registered LLPs or special insolvency regimes.

SIPs 8, 10 and 12

As a consequence of the introduction of the 2018 Rules, SIP 8 (Conduct of meetings of creditors held pursuant to s98 Insolvency Act 1986), SIP 10 (Proxy forms) and SIP 12 (Records of meetings) will be withdrawn from 6 April 2019 in respect of Scottish corporate insolvency procedures.

SIPs 8, 10 and 12 will remain in force in respect of Scottish LLPs and special insolvency regimes which are not covered by the introduction of 2018 Rules and remain under the Insolvency (Scotland) Rules 1986 and other secondary legislation.

Effective Date:  6 April 2019.