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With the agreement of Mr Richard Hilton Savage the Investigation Committee made an order that he be reprimanded, fined £2,500 and pay costs.
The committee concluded that Mr Savage had rendered himself liable to disciplinary action in respect of a failure to issue a breach notice between March 2013 and March 2014.
The committee noted that Mr Savage was unable to explain why the notice of breach was not issued in March 2013 and was only issued 12 months later in March 2014 after it was brought to his attention.
The committee noted that until the IVA had been terminated, the creditor was prevented from obtaining an attachment of earnings order against the debtor.
For a delay in progressing an insolvency estate, the Common Sanctions Guidance has a start point of a reprimand and a fine of £2,500. The committee saw no reason to depart from this.