The particular nature of an insolvency office holder’s position renders transparency and fairness of primary importance in all their dealings. Creditors and other interested parties with a financial interest in the level of payments from an insolvent estate should be confident that the rules relating to approval and disclosure of fees and expenses have been properly complied with.

This statement applies to all forms of proceedings under the Insolvency Act 1986. Nothing within this SIP obligates a practitioner to provide a fee estimate where one is not required by statute.

The SIP should be read in conjunction with the Creditors' guides to IP fees which relate to fees for insolvency practice and explain to creditors their rights under legislation in the different types of insolvency proceeding, both corporate and personal. Earlier versions of the creditors’ guides formed part of Statement of Insolvency Practice 9.

If you are looking for the versions of SIP 9 applicable in other territories see Statements of Insolvency Practice (SIPs) Scotland and Statements of Insolvency Practice (SIPs) Northern Ireland.

History

Copies of older editions of SIP 9 not available online can be obtained from the ICAEW Library & Information Service