A working group of the Joint Insolvency Committee (JIC) has been reviewing Statement of Insolvency Practice (SIP) 3.3 – Trust Deeds and are now inviting comments on the revised SIP.
Key changes
- The language has now been simplified and updated in line with JIC drafting guidance.
- The principles, key compliance standards and standards of specific application have been harmonised with SIP 3.1.
- Retainment of the SIP’s application has been extended to all trust deeds and not just protected trust deeds. The application of certain paragraphs to protected trust deeds (PTDs) and unprotected trust deeds has been clarified.
- The key elements of the Accountant in Bankruptcy’s PTD Protocol have been incorporated.
- Restatement of legislative provisions have been removed as far as possible.
Review the proposals
Please review the proposed changes which are shown below and respond to the consultation by 10 July 2023.
Useful links
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: