Susheel Dutt has unsuccessfully appealed a decision of the Disciplinary Tribunal that he was guilty of unbecoming conduct, negligence or incompetence in a professional capacity and the suspension of his membership for a period of 18 months, highlighting the important role that insolvency practitioners play and the high standards expected of the profession.
Mr Dutt had been appointed as voluntary administrator of one company, and as liquidator of two other companies. He had however provided professional services to those companies in the two years before those appointments in breach of section 280(1) of the Companies Act 1993. It was found he had acted in an obstructive way and had attempted to mislead the liquidator of the first company regarding information he held. It was also found that he had not acted promptly with regards to requests for information and had paid out other creditors before IRD as a preferential creditor.
Mr Dutt has been banned for five years from undertaking any form of insolvency engagement.
A copy of the decision can be found here.