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The RPBs recently issued two new SIPs on key areas of insolvency practice, which came into effect on 1 January 2018.
Statement of Insolvency Practice 6 – Deemed Consent and Decision Procedures in Insolvency Proceedings (England and Wales): An interim SIP 6 was introduced in April 2017 to coincide with the implementation of the Insolvency (England & Wales) Rules 2016, which made significant changes to the way decisions are made by creditors. Following consultation, the interim SIP has now been replaced with a revised SIP 6. We will examine key changes and regulatory requirements around obtaining decision from creditors.
Statement of Insolvency Practice 11 – The Handling of Funds in Formal Insolvency Appointments: The former SIP 11 inadequately reflected current practice structures and banking products used by insolvency practitioners. The new SIP 11 is intended to provide greater clarity around the need for proportionate safeguards and financial controls, so that creditors and other stakeholders can be confident that their interests are adequately protected. The new SIP applies UK wide and introduces new requirements to all insolvency practices when handling funds.
Recorded 16 February 2018
£50 + VAT per person
Anyone with an interest or role in insolvency looking for an update on regulatory requirements or a concentrated introduction to the issue.