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| Annual Report 2007 Statement of Insolvency Practice 16 (SIP 16) – Pre-packaged sales in administrations The IPC commented on the Joint Insolvency Committee’s fourth draft of SIP 16 on 24 May. We were strongly in agreement with the general thrust of the draft and particularly welcomed the proposed requirements on disclosure. We also welcomed the requirement imposed by the draft SIP on the administrator to explain in the report to creditors whether the insolvent business had been marketed and, if not, to explain the reasons. We, however, asked the JIC to amend SIP16 to strengthen this point by making it an explicit duty of the administrator to consider how possible purchasers of the business might be approached and to do so, wherever this was practicable, without detriment to the interests of the creditors. |
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