News Article

Business Recovery & Insolvency

Insolvency Practitioner given eight year bankruptcy extension

By CreditMan Wednesday, August 9, 2017

Source - economia

The Insolvency Service found that Gagen Dulari Sharma was negligent after being appointed liquidator of a limited company in 2011, which resulted in a liability to creditors of £625,236. This materially contributed to her bankruptcy, the agency said.

Sharma, who was previously a qualified insolvency practitioner from Birmingham, will now be bound by the restrictions until July 2025.

These restrictions include acting in the management of a limited company and acting as an insolvency practitioner.

A bankruptcy order was made against Sharma in June 2016, one month after she presented the petition of the liquidator of a failed limited company.

Gerard O’Hare, the official receiver for Nottingham 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, 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 Sharma’s ability to act as an insolvency practitioner in the future and should act as a deterrent to others," he added.