The order was made because of a breach of a previous assurance to insure all property.
The Committee discussed the insolvency practitioner’s duty to protect the assets in a case and took the view that all the bankrupt’s assets should have been insured irrespective of whether at the end of the case that asset was to be realised for the estate.
The Committee decided to offer a regulatory penalty to Mr Iqbal for the breach of his previous assurance to insure all property and, notwithstanding that assurance, his current failure to protect all the assets under his control. The Committee took into consideration previously agreed penalties of between £500 and £3,000.
A unanimous decision was reached that the insolvency practitioner should be offered a regulatory penalty of £1,000.