Insolvency Issue 19 - December 2009

In July, the Insolvency Service (IS) published a report setting out the results of the first six months’ operation of the arrangement whereby practitioners copy to the IS the information they provide to creditors pursuant to SIP 16. The report, which can be accessed via the IS website, identified the respects in which the IS consider compliance with SIP 16 to be widespread, and the respects in which practitioners need to provide more and better information. Overall, the IS found that two-thirds of the SIP 16 reports it had received were wholly compliant with the SIP’s requirements; the remaining third were non-compliant in one or more individual respects.