IRRV Alert - week ending 16th October 2020
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Insolvency practitioner sanctions: Philip Watkins 26 February 2020 (12 October 2020)
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Insolvency practitioner sanctions: Philip Watkins 26 February 2020
On 26 February 2020 a disciplinary consent order was made against Philip Watkins, of FRP Insolvency
Published 12 October 2020
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Disciplinary Consent Order Philip Watkins
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This Order is made in relation to a complaint that Mr Watkins, in his role as Administrator of a Company, breached the fundamental principle of competence and due care and the requirements of SIP16, when he failed to:
- Issue the SIP16 report within seven calendar days of the transaction.
- Provide creditors with;
a. The names and professional qualifications of any valuers and/or advisors together with confirmation that they have confirmed their independence and that they carry adequate professional indemnity insurance.
b. The valuations obtained for the business or its underlying assets, where goodwill has been valued, an explanation and basis for the value given.
c. A summary of the basis of valuation adopted by the administrator or the valuers and/or advisors.
d. The rationale of the basis of the valuations obtained and an explanation of the value achieved of the assets compared to those valuations.
- Disclose the sales consideration under broad asset valuation categories and split between fixed and floating charge realisations.
Accordingly, Mr Watkins was found liable to disciplinary action under the IPA’s Articles of Association.
Published 12 October 2020