Insolvency Pro To Pay £750K For Selling Sky Channels Cheap
Law360, London (February 12, 2019, 2:20 AM GMT) -- An insolvency expert for a troubled media group who sold off "three valuable Sky television channels" at depressed prices during a fire sale must pay nearly £750,000 ($964,575) for breaching his fiduciary duties, a London court ruled on Monday.
Zafar Iqbal, the administrator of ARY Digital UK Ltd., acted negligently when he sold the channels for £40,000 to a related company without properly marketing them in May 2011, High Court Judge Michael Briggs found. The judge accepted an alternative valuation placing their combined true worth at between £1.9 million and £2.35 million.
"A competent officer-holder, having had time to advise the...
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