My honourable friend the Minister for Business, Regulatory Reform and Employment Relations (Ian Lucas) has made the following Statement.
The Insolvency Service is today publishing its first report on the operation of Statement of Insolvency Practice 16 (SIP 16).
SIP 16 sets out required practice for insolvency practitioners who carry out pre-packaged administrations. The Insolvency Service’s report examines practitioners’ compliance with the SIP in its first six months of operation, and the conduct of directors who have engaged in pre-packs. A further report will be issued in early 2010.
Copies have been placed in the Libraries of the House.
The report is available at http://www.insolvency.gov.uk/insolvency professionandlegislation/iparea/iparea.htm.