ICAS slated over disciplinary process

On 6 June ICAS withdrew the lifetime insolvency permit of Kenneth Michael Stewart of KM Stewart & Co, 7 Royal Crescent, Glasgow, who admitted to five counts relating to two limited companies. Charges included obstructing the work of another insolvency practitioner and attempting to use an unsigned proxy voting form to support his nomination as liquidator.

Stewart told that he had agreed to five of the fourteen charges laid against him because he had wanted to ‘end the long-running case and get out of insolvency’ due to a lack of an insolvency successor or partner.

A statement from his solicitors said: ‘Mr Stewart had on previous occasions offered to cease his insolvency practice for personal reasons and it was with this in mind he chose to agree the terms of the complaints which the Discipline Committee considered.’

It was decided that the ban would be effective from 6 September 2000 allowing Stewart time to conclude work in progress. If no replacement had been found ICAS agreed that it would step in.

Stewart said he was awaiting a response from ICAS as to how to move forward.ICAS’ disciplinary committee heard Stewart’s admission that he had conducted himself ‘inefficiently and incompetently’ and had brought himself, the profession of accountancy and the institute into disrepute, according to a statement issued by ICAS today.

Disciplinary action was taken against Stewart following a formal compliant made by a Glasgow solicitor on behalf of one of his client companies.

It was agreed that Stewart would not have to pay expenses, that he would receive full payment for any outstanding insolvency work and that the disciplinary would not reflect adversely on any other part of his practice. has yet to receive a response from ICAS regarding the allegations.

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