SIP 16 reports - some reminders

Having spent some time this week analysing the SIP 16 submissions to ICAEW during 2018, I thought it might be timely to share some reminders. 

You only need to send SIP 16 statements to the RPB for the lead IP; where the officeholders may have different RPBs, please, please, please don't submit them to both. The RPB for the lead IP is the one responsible for reviewing the SIP 16 submission.

You need to name the source of the initial introduction; you shouldn't just refer to them as an accountant, tax adviser etc.

Remember you need to disclose whether the valuer had adequate PII; it isnt sufficient just to state the valuer's professional qualifications. 

In some cases it is implicit from what is said about ongoing trading that there won't have been any requests to potential funders to fund working capital requirements. However the SIP does require that you either provide details of such requests, or say why no such requests have been made. 

Remember you need to disclose any security taken in respect of deferred consideration. If you haven't taken any, you need to explain this together with the basis of your decision that none is required.

Where the connected party approached the prepack pool, you need to ask them for a copy of the pool's opinion. Where you receive a copy you should reference the date of the opinion and include a copy in your SIP 16 statement.  If you don't receive a copy, you should tell creditors that you requested one. 

Finally, you should include a copy of your SIP 16 statement in your proposals when they are filed at Companies House.

Anonymous