Statement of Insolvency Practice (SIP)

The Statement of Insolvency Practice (SIP) provides guidelines for insolvency practitioners in the UK on how to conduct their work. SIPs ensure that practitioners operate ethically and transparently when managing financial difficulties of businesses or individuals. They cover various aspects, including the treatment of assets, the communication with creditors, and the responsibilities of those handling insolvency cases. By adhering to these guidelines, practitioners help ensure that the insolvency process is fair, consistent, and protects the interests of all parties involved.