Insolvency practitioner sanctions: Shane Biddlecombe 4 September 2023
On 4 September 2023 a Settlement Order was made against Mr Shane Biddlecombe of Southampton
Documents
Details
Summary of complaint
This Order is in relation to a complaint that Mr Biddlecombe:
A Limited
1a. As Lead Joint Administrator of ‘A’ Limited, failed to comply with paragraph 400.74 of the Code of Ethics Part D, in that he failed to demonstrate, by reference to written contemporaneous records, the steps he took and the conclusions reached between 4 October 2013 and 5 November 2013, to sufficiently identify and/or evaluate and/or respond to any threats leading up to his appointment as Joint Administrator.
1b. As Lead Joint Administrator of ‘A’ Limited, failed to comply with paragraph 400.75 of the Code of Ethics Part D, in that he failed to retain records that show the steps he took and the conclusions he reached were sufficient to enable a reasonable and informed third party to reach a view on the appropriateness of the identification and evaluation of threats between 4 October 2013 and 5 November 2013.
Mr Shane Biddlecombe is therefore liable to disciplinary action under Disciplinary Bye-law 4.1a.
2a. As Lead Joint Administrator of ‘A’ Limited, failed to comply with paragraph 400.74 of the Code of Ethics Part D, in that he failed to demonstrate, by reference to written contemporaneous records the steps he took and the conclusions reached on or around 7 January 2014, to sufficiently identify and/or evaluate and/or respond to the threats that Mr ‘B’ represented being appointed Director of ‘C’ Limited.
2b. Mr Shane Biddlecombe, as Lead Joint Administrator of ‘A’ Limited, failed to comply with paragraph 400.75 of the Code of Ethics Part D, in that his records on or around 7 January 2014, fail to show that the steps he took and the conclusions he reached were sufficient to enable a reasonable and informed third party to reach a view on the appropriateness of the identification and evaluation of threats that Mr ‘B’ represented being appointed Director of ‘C’ Limited.
Mr Shane Biddlecombe is liable to disciplinary action under Disciplinary Bye-law 4.1a of the Disciplinary Bye-Laws.
- On 20 November 2013 Mr Shane Biddlecombe, as Lead Administrator, in breach of the requirements of Statement of Insolvency Practice 16, effective from 1 November 2013, failed to disclose and / or in sufficient detail to creditors of ‘A’ Limited in relation to one or more of following requirements:
a) An explanation of the different roles associated with an administrator/administration; and/or
b) A statement explaining the statutory purpose being pursued and confirmation that the pre-packaged transaction will achieve this; and/or
c) Full details of the source of his initial introduction to ‘A’; and/or
d) Details of ‘A’s registered charges and the date of their creation; and/or
e) Confirmation that the valuers/advisors had confirmed their independence; and/or
f) Full disclose of the sale consideration under broad asset valuation categories split between fixed and floating charge realisations.
Mr Shane Biddlecombe is liable to disciplinary action under Disciplinary Bye-law 4.1b of the Disciplinary Bye-Laws.
D Limited
4a. Mr Shane Biddlecombe, as Lead Joint Administrator of ‘D’ Limited, failed to comply with paragraph 400.74 of the Code of Ethics Part D, in that he failed to demonstrate, by reference to written contemporaneous records the steps he took and the conclusions reached between 13 May 2014 and 22 May 2014, to sufficiently identify and/or evaluate and/or respond to any threats leading up to his appointment as Joint Administrator. and/or
4b. Mr Shane Biddlecombe, as Lead Joint Administrator of ‘D’ Limited, failed to comply with paragraph 400.75 of the Code of Ethics Part D, in that he failed to retain records that show the steps he took and the conclusions he reached were sufficient to enable a reasonable and informed third party to reach a view on the appropriateness of the identification and evaluation of threats between 13 May 2014 and 22 May 2014
Mr Shane Biddlecombe is liable to disciplinary action under Disciplinary Bye-law 4.1a of the Disciplinary Bye-Laws
- On 30 May 2014 Mr Shane Biddlecombe as Joint Administrator of ‘D’ Limited sent to creditors the disclosure required under Statement of Insolvency Practice 16, in which he failed to disclose and / or sufficiently disclose and / or incorrectly disclosed one or more of the following requirements:
a) Full details of the source of his initial introduction to ‘D’; and/or
b) Full details of the possible financial outcomes for alternative course of action; and/or
c) Full details of the transaction; and/or
d) Full details of the marketing conducted by ‘D’;
Mr Shane Biddlecombe is liable to disciplinary action under Disciplinary Bye-law 4.1b of the Disciplinary Bye-Laws