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 listed on this page.

The Code of Ethics for Insolvency Practitioners is contained within the ACCA Rulebook.

Recognised professional bodies

  • 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
  • Law Society
  • Law Society of Scotland

Competent authority

  • The Insolvency Service (for the Secretary of State for Trade and Industry)

Statements of Insolvency Practice (SIPs)

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.

ACCA members who carry out insolvency work under the Insolvency Act 1986 (as amended) are required to follow the requirements of SIPs.

When carrying out insolvency procedures in Scotland or under Scottish legislation, members are required to observe the requirements of the Scottish variant versions of SIPs which have been approved by JIC.

SIPs should not be relied upon as definitive statements of the law. No liability attaches to ACCA or to any body or person involved in the preparation or promulgation of SIPs.

SIP 1 - An introduction to Statements of Insolvency Practice
Effective date: October 2015.

SIP 2 - Investigations by office holders in administrations and insolvent liquidations  
Comes into effect April 2016.

SIP 3.1 Individual voluntary arrangements (England and Wales)
Effective date: 1 July 2014.

SIP 3.2 Company voluntary arrangements
Effective date: 1 July 2014.

SIP 3.3 Trust deeds (Scotland)
Effective date: 1 July 2014.

SIP 4 (E&W) - Disqualification of directors  
September 1998.

SIP 4 (Scotland) - Disqualification of directors
September 1999.

SIP 6 (E&W) - Deemed Consent and Decision Procedures in Insolvency Proceedings                                                              effective 1 January 2018.

SIP 7 - Presentation of financial information in insolvency proceedings  
2 May 2011.

SIP 8 (Scotland) - Summoning and holding meetings of creditors convened pursuant to Section 98 of the Insolvency Act 1986  
January 2002.

SIP 9 (E&W) - Payments to insolvency practitioners and their associates  
Effective for new appointments starting on or after 1 December 2015.

SIP 9A (NI) - Remuneration of insolvency office holders  
March 2007.

SIP 9 (Scotland) - Payments to insolvency office holders and their associates
May 2012.

SIP 10 (Scotland) - Proxy forms
May 1997.

SIP 11 - The Handling of Funds in Formal Insolvency Appointments effective 1 January 2018.

SIP 12 (Scotland) - Records of meetings in formal insolvency proceedings
May 1997

SIP 13 (E&W) - Acquisition of assets of insolvent companies by directors
November 1997

SIP 13 (Scotland) - Acquisition of assets of insolvent companies by directors
August 1998

SIP 14 (E&W) - A receiver's responsibility to preferential creditors
April 1999.

SIP 14 (Scotland) - A receiver's responsibility to preferential creditors
January 2001

SIP 15 - Reporting and providing information on their functions to committees and commissioners                                                        Effective from 1 March 2017

SIP 16 - Pre-packaged sales in administrations  
November 2015.

SIP 17 (E&W) - An administrative receiver's responsibility for the company's records  
2 May 2011

SIP 17 (NI) - An administrative receiver's responsibility for the company's records  
2 May 2011.

SIP 17 (Scotland) - A receiver's responsibility for the company's records
May 2011

Guidance for members of committees in voluntary arrangements  
July 2004.

Guidance for members of creditors' committees in administrations  
July 2004.

Guidance for members of creditors' committees in administrative receiverships  
July 2004.

Guidance for members of creditors' committees in bankruptcy  
July 2004.

Guidance for members of liquidation committees  
July 2004.

Archived statements

SIP 1 - An Administrative Receiver's responsibility for the company's records 
(to be withdrawn 2 May 2011 and replaced by the new SIP 17).

SIP 1 - An introduction to statements of insolvency practice 
Comes into effect 2 May 2011.

SIP 2 - A liquidator's investigation into the affairs of an insolvent company
November 1997.

SIP 2 - A liquidator's investigation into the affairs of an Insolvent company 
March 2007.

SIP 3 - Voluntary Arrangements  
October 2003.

SIP 3 (E&W) - Voluntary arrangements  
March 2007.

SIP 6 (E&W) - Decision Making in Insolvency Proceedings (interim only) This SIP replaces SIPs 8, 10 and 12 in England and Wales. Please see related documents for further information.

SIP 7 - Preparation of insolvency office holders' receipts and payments accounts
September 1998.

SIP 8 (E&W) - Summoning and holding meetings of creditors convened pursuant to Section 98 of the Insolvency Act 1986  
January 2002.

SIP 9 - Remuneration of insolvency office holders 
July 2004.

SIP 9 (E&W) - Remuneration of insolvency office holders 
March 2007.

SIP 9 - Remuneration of insolvency office holders May 2010  
May 2010.

SIP 10 (E&W) - Proxy forms  
August 1996.

SIP 11 (NI) - The handling of funds in formal insolvency appointments  June 2007.

SIP 11 (E&W) - The handling of funds in formal insolvency appointments
June 2007.

SIP 11 (Scotland) - The handling of funds in formal insolvency appointments
June 2007

SIP 12 (E&W) - Records of meetings in formal insolvency proceedings
August 1996.

SIP 15 (E&W) - Reporting and providing information on their functions to committees in formal insolvencies  
July 2004.

SIP 15 (Scotland) - Reporting and providing information on their functions to committees (and commissioners in sequestrations) in formal insolvencies
August 2015.

SIP 16 (E&W) - Pre-Packaged Sales in Administrations
January 2009.