Sudhir Rishi, also known as George Rishi, was convicted of fraud on 31 March and had his licence removed immediately by the Insolvency Practitioners Association.
He has until later this month to appeal the decision, as sentencing has been deferred. IPA officials are awaiting the certificate of conviction expected on 25 April.
IPA president-elect Richard Long said: ‘The IPA is always extremely concerned when its members fall short of standards. We acted immediately and his license was removed.’
He explained that Rishi will now have to re-apply to get his license back, even if he appeals against the conviction and is successful.
Rishi is also now subject to disciplinary procedings at the IPA, which are likely include a fine.
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