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United Kingdom
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Joint Insolvency Committee (JIC) meaning
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What does Joint Insolvency Committee (JIC) mean?
In practice, the Joint insolvency Committee (JIC) is the UK forum through which the recognised professional bodies (RPBs) for insolvency practitioners develop, review and maintain the Statements of Insolvency Practice (SIPs) and related practice guidance. It is a non‑statutory body (not defined in legislation or case law) that promotes regulatory, ethical and best‑practice standards for insolvency appointments.
The JIC is made up of representatives nominated by the RPBs, with input from government oversight bodies (such as the Insolvency Service and, in Northern Ireland, the Department for the Economy) and other stakeholders through consultation. It consults on and updates SIPs, seeks consistency across England & Wales, Scotland and Northern Ireland, and provides coordinated comments on proposed insolvency legislation and rules.
SIPs issued through the JIC process are adopted and enforced by the RPBs via their licensing, monitoring and disciplinary arrangements. Compliance with SIPs is a core professional obligation for UK insolvency practitioners and informs court and creditor expectations on conduct, disclosure and remuneration.
Republic of Ireland note: the JIC has no direct role in Ireland. Equivalent insolvency practice standards and guidance are issued by Irish professional bodies and regulators under the Companies Act 2014 framework.
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View the related Practice Notes about Joint Insolvency Committee (JIC)
PRACTICE NOTES
Comprehensive glossary of UK restructuring and insolvency terms, covering Companies Act schemes, Part 26A plans, IA 1986 processes, and cross‑border concepts including COMI, UNCITRAL and assimilated EU rules.
This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...
21 May
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PRACTICE NOTES
Scotland: Statements of Insolvency Practice—overview, current and withdrawn SIPs, and creditors’ guides
What are Statements of Insolvency Practice? Insolvency practitioners (IPs) must adhere to legislation as well as Statements of Insolvency Practice (SIPs). SIPs are a collection of guidance notes that set out required practice. These notes promote consistency of approach among IPs in daily practice. Their purpose is to sustain and enhance high standards by prescribing expected practice and by harmonising how IPs address particular aspects of insolvency work across England and Wales, Scotland and Northern Ireland. Failure to observe statutory requirements, stipulated standards, or SIPs can lead to disciplinary measures against an IP by their relevant authorising body. SIPs are commissioned by the Joint Insolvency Committee (JIC), comprising representatives from each of the bodies responsible for the authorisation and regulation of insolvency practitioners. IPs should also follow the Insolvency Practitioners’ Handbook and the Insolvency Code of Ethics. Current SIPs applicable in Scotland. Note: there is no SIP 3.1...
21 May
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