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    Statements of Insolvency Practice

    Insolvency practitioners are required to comply with legislation and with Statements of Insolvency Practice (SIPs).  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.  Failure to comply with the required standards, legislation or with SIPs may result in disciplinary action against the insolvency practitioner being taken by the relevant authorising body.

    Current Scottish Statements of Insolvency Practice can be accessed below.

    Superseded SIPs can be viewed here: Superseded SIPs 

    SIP1 An Introduction to Statements of Insolvency Practice (Effective date: 2 May 2011) 

    SIP2 Investigations by Office Holders in Administrations and Insolvent Liquidations (Effective date: 2 May 2011) 

    SIP 3A A) Trust Deeds (Effective date 7 December 2009) 

    SIP 3B B) Company Voluntary Arrangements (Effective date 1 April 2007) 

    SIP 4 Disqualification of Directors (Effective date 1 September 1999)  

    SIP 5 Issued as Insolvency Bulletin No 5, October 2000 

    SIP 6 Issued as Insolvency Bulletin No 6, October 2000 

    SIP7  Presentation of Financial Information in Insolvency Proceedings(Effective date: 2 May 2011) 

    SIP 8 Conduct at Meetings of Creditors held pursuant to Section 98 of the Insolvency Act 1986 (Effective date 1 February 2002) 

    SIP 9 Remuneration of Insolvency Office Holders (Effective date 1 February 2010) 

    SIP 10 Proxy Forms (Effective date 1 May 1997)  

    SIP 11 Handling of Funds (Effective date 1June 2007)  

    SIP 12 Records of Meetings (Effective date 1 May 1997)  

    SIP 13 Acquisition of Assets by Directors (Effective date 1 August 1998) 

    SIP 14 A Receivers Responsibility to Preferential Creditors (Effective date 1 January 2001)  

    SIP 15 Reporting (Effective date 1 August 2005)  

    SIP 16 Pre-Packaged Sales in Administrations (Scotland) (Effective date 1 November 2013)  

    SIP17 A Receiver's Responsibility for the Company's Records (re-numbered SIP 1 issued February 1998) (Effective date: 2 May 2011) 

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