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Insolvency practitioner sanctions: Penny McCoull October 2024

In October 2024 a Disciplinary Consent Order was made against Penny McCoull

• From: The Insolvency Service
• Published: 30 December 2024

Applies to England, Scotland and Wales

Documents

Disciplinary Consent Order Penny McCoull

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Details

This penalty has been applied in respect of the following four issues:

1. A failure to take appropriate steps to verify the information provided by a claims management company before submitting claims to the Redundancy Payments Office.

2. In two appointments, there was insufficient evidence of (a) appropriate action to recover books and records from directors, (b) a proper investigation Covid-related loans, and (c) a reasonable level of work and consideration on the files (contrary to the principles in SIP 2).

3. Pre-appointment fees were drawn in four CVLs without the necessary approval from creditors, in breach of Rule 6.7 of the Insolvency (England and Wales) Rules 2016.

4. Unsatisfactory delays in the payment of a dividend to creditors in one case, with a lack of progress reports.

Issues 1, 2, and 3 occurred while Mrs McCoull was employed by McLaren Insolvency Practitioners Limited, whilst issue 4 arose through work in her own practice, ASM Recovery.

Published 30 December 2024