Insolvency practitioner sanctions: Umang Patel 11 March 2026
On 11 March 2026 a Settlement Order was made against Umang Patel of Harrow
Applies to England, Scotland and Wales
Documents
Details
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Between 20 October 2021 and 29 July 2022, Mr Umang Patel, in his capacity as proposed liquidator of ‘A’, failed to carry out reasonable due diligence into the business of ‘A’ and thereby failed to identify that ‘A’ was regulated by the Financial Conduct Authority. Mr Umang Patel therefore failed to adhere to paragraph R2103.1 of the fundamental principle of Professional Competence and Due Care as set out in the Insolvency Code of Ethics (effective from 1 May 2020). Mr Umang Patel is liable to disciplinary action pursuant to Disciplinary Bye–law 4.1b in force between 14 October 2019 and 31 May 2023.
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Between 10 August 2022 and 29 February 2024, Mr Umang Patel failed to take reasonable remedial action in a timely manner, following his being made aware that his appointment as liquidator had not complied with the requirements of Regulation 11 of The Payment and Electronic Money Institution Insolvency Regulations 2021. Mr Umang Patel therefore failed to adhere to paragraph R2103.1 of the fundamental principle of Professional Competence and Due Care as set out in the Insolvency Code of Ethics (effective from 1 May 2020). Mr Umang Patel is liable to disciplinary action pursuant to Disciplinary Bye-law 4.lb in force between 14 October 2019 and 31 May 2023 and Disciplinary Bye–law 4.lb in force from 1 June 2023.
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Between 27 April 2023 and 20 February 2025, Mr Umang Patel failed to engage and respond appropriately to correspondence sent to him by the Financial Conduct Authority.
Mr Umang Patel therefore failed to adhere to paragraph R2103.1 of the fundamental principle of Professional Competence and Due Care as set out in the Insolvency Code of Ethics (effective from 1 May 2020).
Mr Umang Patel is liable to disciplinary action pursuant to Disciplinary Bye-law 4.lb in force between 14 October 2019 and 31 May 2023 and Disciplinary Bye-law 4.lb in force from 1 June 2023.
Disciplinary Bye-laws between 14 October 2019 and 31 May 2023
- 4.1 A member, provisional member, foundation qualification holder, provisional foundation qualification holder or CFAB student (all referred to in these bye-laws as ‘respondents’) shall be liable to disciplinary action under these bye-laws in any of the following cases, whether or not the respondent was a member, provisional member, foundation qualification holder, provisional foundation qualification holder or CFAB student at the time of the occurrence giving rise to that liability:
b. if they have demonstrated professional incompetence; by performing professional work, whether as a principal, director, employee or as an individual, incompetently, to such an extent, or on such a number of occasions, as to fall significantly short of the standards reasonably expected of a member, provisional member, foundation qualification holder, provisional foundation qualification holder or CFAB student.
Disciplinary Bye-laws from 1 June 2023
- 4.1 A member, affiliate or relevant person shall be liable to disciplinary action under these Disciplinary Bye-laws in any of the following cases, regardless of whether they were a member, affiliate or relevant person at the time of the event(s) giving rise to that liability:
b. if they have demonstrated professional incompetence; by performing professional work, whether as a principal, director, employee or as an individual, incompetently, to such an extent, or on such a number of occasions, as to fall significantly short of the standards reasonably expected of an equivalent member, affiliate or relevant person.