Insolvency practitioner sanctions: Mr Mark Prideaux 18 May 2023
On 18 May 2023 a Licence Withdrawal was made against Mr Mark Prideaux
Applies to England, Scotland and Wales
Documents
Details
Summary of complaint:
The QAD report following a visit in January 2021 to Mr Prideaux’s Insolvency firm to which he was the sole IP, identified the following issues in relation to the Firm’s insolvency practice:
(i) Poor quality SIP (Statement of Insolvency Practice) 3.1 calls with debtors, including the duration and content of the calls, as well as the Firm’s staff failing to adequately explore and identify the debtor’s position.
(ii) Poor quality of the resulting documentation issued to creditors and debtors.
(iii) Significant delay in addressing the outcome of a 2020 insolvency compliance review, which had highlighted the issues relating to the quality of the calls and the documentation.
(iv) Poor quality of internal compliance, including internal monitoring and due diligence on the work referrers.
A targeted monitoring visit in January 2022 discovered that key issues that had been identified in the 2021 report remained.
The Insolvency Licencing Committee (ILC) therefore decided on 15 June 2022, in accordance with ILR 5.12(d), that Mr Prideaux’s authorisation to practice as an IP should be withdrawn on the grounds that its continuation was likely to be prejudicial to the public interest.
At Mr Prideaux’s request, the Review Committee considered the matter afresh and agreed with the ILC that Mr Prideaux’s continued authorisation as an IP was likely to be prejudicial to the public interest.