SIPS

The Association of Business Recovery Professionals, is the leading professional association for insolvency,
business recovery and turnaround specialists in the UK and is normally known by its brand name R3.

It is responsible for and promotes best practice for professionals working with financially troubled individuals and businesses.

As part of this process R3 has issued various Statements of Insolvency Practice which
Insolvency Practitioner are required by their authorising body to adopt and adhere to.

The most common SIPs that stakeholders in any insolvency procedure will receive are:

Statement of Insolvency Practice 9 – Remuneration of Insolvency Office Holders (download)

Statement of Insolvency Practice 15 - Reporting and Providing Information on their Functions to Committees on Formal Insolvencies (download)

In addition to the information provided in SIP9 it is also our policy in all insolvencies to charge the following Category 2 Disbursements:-

• Travel – Motor Vehicles are charged at 41.75p per mile, plus VAT. All other forms of travel are charged at actual cost.
• Company Record Storage - 25p per week per archive box, plus VAT.
• Photocopying - 10p per sheet, plus VAT.
• Room Hire - held at Maxwell Davies' offices £150, plus VAT. Any other venue at actual cost.