General
Statements of Insolvency Practice, known as ‘SIPs’ are issued to insolvency practitioners with a view to maintaining standards by setting out required practice and harmonising practitioners’ approach to particular aspects of insolvency. The purpose of SIPs is to outline basic principles and essential procedures with which insolvency practitioners are required to comply.
Creditors’ Guides to Fees
The Creditors’ Guides to Fees provide explanations of creditors’ rights with regard to insolvency practitioners’ fees. They explain how an insolvency practitioner seeks approval of his fees, what information a creditor can expect to receive, and what a creditor can do if he is dissatisfied with the level of a practitioner’s fees.The Guides form appendices to Statement of Insolvency Practice 9, which sets out required practice for insolvency practitioners.