When appointed to oversee a company’s insolvency, the duties of the Insolvency Practitioner (‘the Insolvency Practitioner’), who becomes statutory office-holder of that company, are largely set out in the Insolvency Act 1986.
Timothy Thomson of Kangs Solicitors comments upon the nature of the interviews which may be conducted by the Insolvency Practitioner as part of his enquiries.
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Insolvency Investigation | Kangs Civil Insolvency Solicitors
- The Insolvency Practitioner will investigate the events leading to the company’s insolvency and will frequently interview former directors and officers, employees, accountants, lawyers and other third parties involved in the company’s affairs.
- If, whilst conducting the investigation, the Insolvency Practitioner finds evidence of potential fraud, misfeasance or other forms of misconduct, the duty may lead to the eventual reporting of such findings to authorities as the Police, the Serious Fraud Office, the Financial Conduct Authority and HMRC.
- There are a number of important issues for the Insolvency Practitioner to consider with regards to the conduct of interviews. For example, the Serious Fraud Office, in its Corporate Co-operation Guidance, states that it expects to be consulted in a timely manner before potential witnesses or suspects are interviewed in order to avoid any risk of prejudice to a subsequent formal investigation.
- The method of interviews can include:
- An interview under caution pursuant to the Police and Criminal Evidence Act 1984 where the proposals have been considered by the Serious Fraud Office including the proposed topics for the intended questioning and the sharing of information gathered.
- Private Examination on oath under section 236 of the Insolvency Act 1986 being ‘interviews’ conducted in court on a private basis where the answers provided will be inadmissible in any criminal proceedings by virtue of section 433 of the Insolvency Act 1986.
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The team at Kangs Solicitors is nationally regarded for advising and, where necessary, defending clients facing charges arising from circumstances such as:
- Civil Insolvency Proceedings
- FCA & Boiler Room Investigations
- Director Disqualification Proceedings
- Search Warrants and Dawn Raids
- Trading Standards Investigations
- HMRC Investigation
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