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Eight-year bankruptcy restriction for former Insolvency Practitioner (15 August 2017)

Date: 15/08/2017
Duncan Lewis, Legal News Solicitors, Eight-year bankruptcy restriction for former Insolvency Practitioner

A qualified Insolvency Practitioner in Birmingham has been given an eight- year bankruptcy restrictions undertaking, after an investigation by the Insolvency Agency.

Ms Gagen Dulari Sharma, 55, had been appointed liquidator of a limited company, but the Insolvency Agency found that her negligence resulted in a significant liability to creditors of the company, totalling £625,236 – which materially contributed to Ms Sharma’s bankruptcy.

The bankruptcy restrictions undertaking Ms Sharma has given to the Secretary of State for Business, Energy and Industrial Strategy means she will be bound by the restrictions set out in insolvency law until July 2025.

These restrictions include acting in the management of a limited company and acting as an Insolvency Practitioner.

The Official Receiver for Nottingham, Gerard O’Hare, said:

“The Insolvency Service will take firm action when we find that qualified professionals, who subsequently become bankrupt, have acted negligently in carrying out their duties.

“In this case, Ms Sharma’s negligence in carrying out her duties as an Insolvency Practitioner has caused a loss to the creditors of a liquidated company, amounting to in excess of £625,000.

“These proceedings should serve to protect the public from any future misconduct, by restricting Ms Sharma’s ability to act as an Insolvency Practitioner in the future – and should act as a deterrent to others.”


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