The JIC has also been consulting on changing SIP 11. The current SIP dates back to 2007 and was not thought to adequately or fully reflect current practice structures and the banking products used by insolvency practitioners or the practices in which they work.
The consultation draft was produced by a working group of the JIC comprising members of the profession from firms of different sizes with views obtained from creditor representatives including HMRC. The consultation closed on 12 September 2017.
The responses to the SIP 11 consultation were also been reviewed by the JIC working group and a revised version of the SIP has been produced.
Only minor changes have been made to the consultation draft but insolvency practitioners may wish to note the following:
- the change to funds rather than monies and estate rather than case to conform with the title of the SIP
- a requirement to document transactions
- a suggested financial control elating to funds held by agents or solicitors
The new SIP 11 will be effective from 1 January 2018.
SIP 11 will apply UK wide.
SIP 11 - the handling of funds in formal insolvency appointments