Insolvency practitioner sanctions: Stephen Penn 3 October 2022
On 22 October 2022 a Consent Order was made against Stephen Richard Penn of Doncaster
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Between 5 February 2020 and 11 February 2020, Mr Stephen Richard Penn ACA, in his capacity as Nominee in relation to the proposed Company Voluntary Arrangement of “A” Limited, breached Statement of Insolvency Practice 3.2 (SIP3.2) in that he:
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failed to assess the likely attitude of any key creditors and the general body of creditors; and/or
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failed to obtain sufficient information or conduct proportionate investigations into, or verify, income and expenditure and assets and liabilities; and/or
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failed to accurately report whether the Company’s financial position was materially different from that contained within the proposal; and/or
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failed to ensure he had procedures in place to assess whether or not a CVA would have a reasonable prospect of being approved and implemented.
Mr Penn is therefore liable to disciplinary action pursuant to Disciplinary Bye-law 4.1b