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13 May 2010
Top 20 firm Kingston Smith has filed a legal claim against its former partner and insolvency practitioner Tim Bramston to recover outstanding debts.
Bramston left Kingston Smith at the end of 2008, moving to insolvency firm Griffins. He was appointed office holder on a variety of corporate insolvency cases and took the progress of work with him to his new firm.
Kingston Smith claims it is owed £381,818.92 plus interest for expenses incurred by the firm for work conducted on cases and unbilled chargeable time.
Accountancy Age understands approximately 80% of the initial debt was repaid and a lower offer on the remaining balance made, which Kingston Smith declined.
The firm made the High Court claim on 21 April 2010 and charged interest
on the balance at 8% from 30 May 2009 – a total of £27,365.43. Court documents
show Kingston Smith will charge a further £83.69 per day from its legal filing
until a judgment or payment is made.
Michael Snyder, partner at Kingston Smith said: “He [Bramston] was due to pay for work in progress and he hasn’t.”
Snyder added the firm would “desist” from the legal challenge if the money was repaid, and was not interested in accepting an offer for part of the balance.
IPs often take cases with them if they move firms. Before the move a financial agreement is usually reached between the outgoing IP and their former firm.
A statement by Bramston said: “This is a commercial dispute and regrettably we were unable to reach an agreement on the balance.”
He confirmed he would be defending the allegations in court.
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