Statements of Insolvency Practice (SIPs)

Statements of Insolvency Practice (SIPs) are guidelines in the UK that govern how insolvency practitioners should conduct themselves when dealing with insolvency cases. They provide a framework for ethical behavior, financial transparency, and consistent practices. SIPs ensure that the interests of creditors, businesses, and stakeholders are protected during the insolvency process. Practitioners must adhere to these statements to maintain professionalism and accountability, ultimately fostering trust in the system by ensuring fair treatment for all parties involved in insolvency situations.