Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Statement of Insolvency Practice definition

What does Statement of Insolvency Practice mean? A Statement of Insolvency Practice (SIP) sets out the principles and key compliance standards that licensed insolvency practitioners are expected to follow when acting in formal appointments, including administrations, liquidations, bankruptcies, IVAs/CVAs, receiverships and trusteeships. SIPs are not defined in legislation or case law; they are professional practice statements that carry regulatory force because adherence to them is required by the regulators of insolvency practitioners. In England & Wales, Scotland and Northern Ireland, SIPs are developed through the Joint Insolvency Committee (JIC), with input from the profession (including R3) and wider stakeholders via consultation, and are then adopted and enforced by...

SIP 16: requirements for pre-pack administration sales—preparatory work, marketing essentials, disclosure (SIP 16 statement) and connected person sales, including evaluator reports under the 2021 Regulations

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Insolvency practitioners (IPs) must follow both legislation and Statements of Insolvency Practice (SIPs). SIPs are a collection of guidance notes issued by the Joint Insolvency Committee, see Practice Note: Statements of Insolvency Practice—a quick guide. SIP 16 was brought in to tackle perceived potential misuse of Pre-pack administration sales and requires an administrator to take steps relating to:

preparatory work
marketing
disclosure

A revised SIP 16 (effective from 30 April 2021) was published to reflect the extra statutory duties placed on administrators by the Administration (Restrictions on Disposal etc to Connected Persons) Regulations 2021, SI 2021/427. For further reading on the regulations, see Practice Note: Pre-pack administration—connected person sales.

When does SIP 16 apply?

SIP 16 states that it applies to all pre-pack sales in administrations, regardless of who the purchaser is. The amendments to SIP 16 (effective from 30 April 2021) appear to widen the meaning of ‘connected’ to include any person connected to a secured creditor of the company (for example, a lender-owned vehicle acquiring the distressed assets) (see paragraph 6 of SIP 16). This would appear to be applicable even where such...

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Web page updated on 21/05/2026

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