Scotland: Statements of Insolvency Practice—overview, current and withdrawn SIPs, and creditors’ guides

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

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...

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Web page updated on 21/05/2026

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