Creditors Guides
R3 has a series of guides for the public that explain the rights of creditors during an insolvency process and as regards the approval of fees. These may be accessed by using the following link: www.creditorinsolvencyguide.co.uk

Statements of Insolvency Practice (SIPs)
SIPs are issued with a view to maintaining standards by setting out required practice and by harmonizing practitioners’ approaches to particular aspects of insolvency.

SIPs are issued under procedures agreed between the insolvency regulatory authorities acting through the Joint Insolvency Committee (JIC). They are produced by R3 (the Association of Business Recovery Professionals) and subsequently approved by the JIC and adopted by each of the regulatory authorities (recognized professional bodies – “RPBs) listed below allowed by the Department for Business, Energy & Industrial Strategy to grant insolvency authorization (license) to their members:

Association of Chartered Certified Accountants

Insolvency Practitioners Association

Institute of Chartered Accountants in England and Wales

Institute of Chartered Accountants in Ireland

Institute of Chartered Accountants of Scotland

The purpose of SIPs is to set out basic principles and essential procedures with which insolvency practitioners are required to comply. Departure from the standard(s) set out in SIPs is a matter that will be considered by a practitioner’s regulatory authority for the purposes of possible disciplinary or regulatory action.

SIPs should not be relied upon as definitive statements of the law. No liability attaches to anybody or person involved in the preparation or promulgation of SIPs.