Transparency data

Insolvency practitioner sanctions: Michael J M Reid December 2024

In December 2024 a Regulatory Penalty was made against Michael J M Reid of MHA

• From: The Insolvency Service
• Published: 24 January 2025

Applies to England, Scotland and Wales

Documents

Regulatory Penalty Michael J M Reid

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Details

Summary of complaint: In terms of Regulation 5.33 of the ICAS Insolvency Regulations, notice is hereby given that the ICAS Authorisation Committee has applied a regulatory penalty of £11,500 to the Insolvency Practitioner Michael Reid in respect of the following three issues:

1. A failure to maintain adequate and compliant time records as required by Statement of Insolvency Practice 9;
2. A failure to review or verify employee claims against payroll or other appropriate documentation, and to notify the Redundancy Payments Service that claims were not verified; and
3. A failure to document investigation work to support conclusions reached, including investigations into the validity and potential misuse of a Bounce Bank Loan.

Published 24 January 2025