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Insolvency Practitioner Sanctions: Paul Robert Appleton 21 March 2024

On 21 March 2024 a Settlement Order was made against Mr Paul Robert Appleton FCA of London, United Kingdom

From:
The Insolvency Service
Published
24 May 2024

Applies to England, Scotland and Wales

Documents

Settlement Order Paul Robert Appleton

ODT, 13.6 KB

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Details

This Order is in relation to a complaint that Appleton:

1, Between 17 December 2014 and 16 December 2021, Mr Paul Robert Appleton FCA, as liquidator of ‘A’ Limited drew remuneration of £435,000, from the total time charged of £450,958, which was unreasonable and / or excessive.

The above conduct was contrary to section 110.1 (Integrity) of ICAEW Code of Ethics and R111.1 of ICAEW Code of Ethics.

Mr Appleton is therefore liable to disciplinary action under Disciplinary Bye-law4.1a

2, Between 22 April 2016 and 21 April 2022, Mr Paul Robert Appleton FCA, as liquidator of ‘B’ Limited drew remuneration of £162,500, from total time charged of £195,411, which was unreasonable and /or excessive.

The above conduct was contrary to section 110.1 (Integrity) of ICAEW Code of Ethics and R111.1 of ICAEW Code of Ethics (effective from 1 January 2020).

Mr Appleton is therefore liable to disciplinary action under Disciplinary Bye-law4.1a.

3, Between 17 December 2014 and 12 October 2022, Mr Paul Robert Appleton FCA, as liquidator of ‘A’ Limited and / or ‘B’ Limited, failed to maintain sufficient records to enable a reasonable and informed third party to reach a view on the appropriateness of his actions.

 The above conduct was contrary to paragraph 400.74 and/or 400.75 of the Insolvency Code of Ethics and R2130.2 of the Insolvency Code of Ethics.

Mr Appleton is therefore liable to disciplinary action under Disciplinary Bye-law4.1b.

4, Between 22 April 2017 and 21 April 2021 Mr Paul Robert Appleton FCA, as liquidator of ‘B’ Limited, failed to declare and distribute a dividend to the company’s creditors, despite there being sufficient funds in the liquidation.

The above conduct was contrary to Rule 14.27 of the Insolvency (England and Wales) Rules 2016.

Mr Appleton is therefore liable to disciplinary action under Disciplinary Bye-law4.1b.

Published 24 May 2024