The purpose of SIPs is to promote and maintain high standards by setting out required practice and harmonising the approach of insolvency practitioners to particular aspects of insolvency practice. SIPs set principles and key compliance standards with which insolvency practitioners are required to comply. They apply in parallel to the prevailing statutory framework.
SIPs are issued to insolvency practitioners under procedures agreed between the insolvency regulatory authorities, acting through the Joint Insolvency Committee.
Please note: There is no SIP 5.
Statement of Insolvency Practice 1 Scotland - A receiver's responsibility for the company's records . Effective 1 January 2005. Effective until 2 May 2011.
Statement of Insolvency Practice 1 Scotland - An introduction to statements of insolvency practice. Effective from 2 May 2011. Effective until 1 October 2015.
Statement of Insolvency Practice 1 Scotland - An introduction to statements of insolvency practice. Effective from 1 October 2015.
Statement of Insolvency Practice 2 Scotland - A liquidator’s investigations into the affairs of an insolvent company. Effective 1 April 2007. Effective until 2 May 2011.
Statement of Insolvency Practice 2 Scotland - Investigations by office holders in administrations and insolvent liquidations . Effective from 2 May 2011. Effective until 6 April 2016.
Statement of Insolvency Practice 2 Scotland - Investigations by office holders in administrations and insolvent liquidations and the submission of conduct reports by office holders. Effective 6 April 2016.
Statement of Insolvency Practice 3A Scotland - Trust deeds. Effective 7 December 2009.
Additional guidance on fact-find payments and other outlays after the commencement of The Protected Trust Deeds (Scotland) Regulations 2013.
Statement of Insolvency Practice 3B Scotland - Company voluntary arrangements. Effective 1 April 2007.
Statement of Insolvency Practice 3.2 Scotland - Company voluntary arrangements. Effective date: This SIP applies to all cases where the nominee is appointed on or after 1 April 2021