After receiving what is understood to be one of the largest fines ever imposed on a member by the Insolvency Practitioners’ Association, Bennett was also ordered to pay an additional £35,000 in costs.
The IPA removed Bennett’s licence and will ‘oppose a licence application for ten years,’ meaning that if he attempts to apply for a licence at any other insolvency licence issuer – like ACCA or the ICAEW – they will recommend that it not be given.
Bennett was found guilty of taking remuneration without the consent of the court or creditors, not holding creditors meetings when necessary – breaching section 23 of the Insolvency Act, and failing to comply with a court order. The findings were based on a sample of ten cases.
IPA president Colin Haig said: ‘This is tangible evidence that the IPA will sanction its members if they fall short of the standards required.’
The news follows the recent liquidation of Casson Beckman, which went out of business after two of its partners, David Nisbet and John Grisman, were declared bankrupt. Last week, Customs and Excise won the right to transfer 200 of the firm’s cases to Griffins and RSM Robson Rhodes.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies