This is the first time the Insolvency Service has taken such severe action against ICAEW, but it has only issued a reprimand with no corresponding fines.

Between 12 August 2020 and 7 September 2021, ICAEW demonstrated ‘regulatory failings’ in its monitoring of Adrian Duncan, an insolvency practitioner with his own sole practitioner firm, Savants Restructuring Limited, who had been banned from taking on new insolvency work. He was also accused of stealing nearly £4m in funds belonging to an estate he was handling.  

Despite being banned from taking on any insolvency appointments, ICAEW ‘failed to monitor’ whether Duncan was following the restrictions, according to the Insolvency Service.

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