Insolvency practitioner sanctions: Philip Barrington Wood 24 March 2025
On 24 March 2025, a disciplinary order was made against Philip Barrington Wood of Crewe
Applies to England, Scotland and Wales
Documents
Details
Allegation 1: Between 9 December 2020 and 8 December 2023 Mr Philip Barrington Wood, acting as sole Trustee in Bankruptcy of Mr Jonathan Morgan, failed to conduct an adequate review of the status of the bankruptcy which would have allowed him to identify that there was a Capital Gains Tax liability due to HMRC.
This was in breach of R2103.1(b) (Professional Competence and Due Care) of the Code of Ethics.
Mr Philip Barrington Wood is therefore liable to disciplinary action under Disciplinary Bye-Law 4.1b.
Allegation 2A: In the period prior to 23 March 2023, Mr Philip Barrington Wood, acting as sole Trustee in Bankruptcy of Mr Jonathan Morgan, when preparing to issue a Notice of Intended Dividend in accordance with Rule 14.29 of the Insolvency (England and Wales) Rules 2016, failed to consider the financial circumstances of the bankruptcy estate. As a result, he failed to comply with Rule 14.34 of the Insolvency (England and Wales) Rules 2016.
This was in breach of R2105.1 (Professional Behaviour) of the Code of Ethics, because Mr Wood knew or should have known that issuing a Notice of Intended Dividend in these circumstances would put at risk the ability of dividends to be declared in compliance with Rule 14.34.
Allegation 2B: On 25 July 2023 Mr Philip Barrington Wood, acting as sole Trustee in Bankruptcy of Mr Jonathan Morgan, issued a Notice of Dividend to creditors which failed to include all of the information required under paragraph (3) of Rule 14.35 of the Insolvency Rules 2016.
This was in breach of R2105.1 (Professional Behaviour) of the Code of Ethics.
Mr Philip Barrington Wood is therefore liable to disciplinary action under Disciplinary Bye-Law 4.1b.
Allegation 3A: Between 12 September 2022 and on or around 20 February 2023, Mr Philip Barrington Wood failed to deliver the annual progress report covering the period from 13 July 2021 to 12 July 2022 to creditors within two months, as required by Rule 18.8 of the Insolvency Rules 2016.
Allegation 3B: Between 12 September 2023 and 7 December 2023, Mr Philip Barrington Wood failed to deliver the annual progress report covering the period from 13 July 2022 to 12 July 2023 to creditors within two months, as required by Rule 18.8 of the Insolvency Rules 2016.
The above was in breach of R2105.1 (Professional Behaviour) of the Code of Ethics because Mr Wood knew or should have known that the annual progress reports were due to be delivered to creditors in line with Rule 18.8.
Mr Philip Barrington Wood is therefore liable to disciplinary action under Disciplinary Bye-Law 4.1b.