In view of the new creditor decision making procedures which will be applicable from 6 April 2017 as part of the modernised Insolvency Rules 2016, the Joint Insolvency Committee have released a brand new interim Statement of Insolvency Practice 6 entitled “Decision Making in Insolvency Procedures”. SIP 6 will replace current SIPs 8, 10 and 12 in England and Wales only. The equivalent SIPs in Scotland and Northern Ireland will remain in force.
SIP 6 has been issued on an interim basis, to be effective from 6 April 2017. It will be consulted upon with a view to it being replaced with a permanent SIP taking effect on 31 December 2017.