Guidance papers and useful links
Insolvency guidance papers
The first aim of the Joint Insolvency Committee (JIC) as stated in its mission statement is as follows:
To consider, maintain, improve, develop and promote insolvency standards and guidance of regulatory, ethical or "best practice" nature by means of debate and agreement within the Committee.
Much of the JIC's work has concentrated on statements of insolvency practice (SIPs); these have developed into statements that lay down the "required" practice for insolvency practitioners; SIPs, therefore, contain mandatory standards.
The JIC has identified additional areas in which insolvency practitioners could benefit from guidance—but for which it would be inappropriate to create mandatory standards or methods of work.
Individual authorising bodies raised concerns about areas in which insolvency practitioners could improve their approach to appointments or to practice administration.
In response, the JIC has developed "insolvency guidance papers" (five papers, as of March 2010); it recommends that each authorising body adopt them. The SRA has adopted the papers listed below:
Insolvency guidance papers describe suggested practice ; and practitioners may find alternative—equally effective—approaches to the issues the papers address. Insolvency guidance papers in no way replace SIPs, which outline required practice.
The JIC continues to consider areas of practice for inclusion in future guidance papers.
The SRA published a letter (PDF 28K), dated 8 June 2009, describing areas of concern regarding SIP 16, highlighted by the the Insolvency Service's report into SIP 16 (PDF 1.3MB).
Useful links
The Insolvency Service
The Insolvency Service operates under a statutory framework—mainly the Insolvency Acts 1986 and 2000, the Company Directors Disqualifications Act 1986 and the Employment Rights Act 1996. It deals with insolvency matters in England and Wales and some limited insolvency matters in Scotland.
The Insolvency Service provides informative and topical advice and guidance in its regular publication Dear Insolvency Practitioner.
R3
The Association of Business Recovery Professionals is a not-for-profit organisation known by the brand name R3—rescue, recovery, and renewal. It is a professional association for business recovery, corporate reconstruction, insolvency and turnaround specialists in the United Kingdom.
BPP Professional Education
BPP Professional Education offers a course to prepare candidates for the Joint Insolvency Examination.
IPC
The Insolvency Practices Council (IPC) is a public-interest body that scrutinises and reports on ethical and professional standards in the insolvency profession.
JIC
The Joint Insolvency Committee represents the recognised professional bodies that regulate insolvency practitioners.
SRA logos for licensed insolvency practitioners
The SRA operates a dedicated website for accreditation scheme members, including licensed insolvency practitioners. The site offers secure access to the SRA's licensed insolvency practitioner logo.