SIP Test Flashcards
1
Q
SIP Meaning?
A
Statement of Insolvency Practice.
2
Q
SIP general Purpose?
A
They are their to promote and maintain high standards by setting out required practice and harmonising the approach of Insolvency Practitioners to particular aspects of insolvency practice. They apply in parallel to the prevailing statutory framework.
3
Q
What Countries Use SIPs?
A
England and Wales.
4
Q
What are the fundamental principles of SIPs?
A
The follow relate to an Insolvency Practitioner:
- Integrity
- Objectivity
- Professional competence and due care
- Confidentiality
- Professional Behaviour
5
Q
In addition to the fundamental principles, what else must insolvency practitioners ensure?
A
That their acts, dealings and decision making processes are transparent, understandable and readily identifiable, where to do so does not conflict with any legal or professional obligation.
