JIC Consultation on SIP7 – flamegasworks

Joint Insolvency Committee Consultation on SIP7 (Statement of Insolvency Practice on the presentation of financial information and treatment of expenses in insolvency proceedings) and SIP9 (Statement of Insolvency Practice on payments to insolvency office-holders and their associates)

The Insolvency (Amendment) Rules 2024 increased the flexibility of the basis on which remuneration in administrations, liquidations and bankruptcy can be fixed and improved creditors rights of challenge to both remuneration and expenses. These necessitate wide ranging revisions to SIPs 7 and 9 on which JIC issued a consultation to insolvency practitioners and external stakeholders on 2 September 2024.

The external stakeholder letter and consultation questionnaire can be accessed here for interested parties to feed in their views to the Joint Insolvency Committee.

SIP7 Consultation Questionnaire

SIP9 Consultation Questionnaire

Consultation on Statements of Insolvency Practice 7 & 9