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 AccountancyAge.com 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.
AccountancyAge.com has yet to receive a response from ICAS regarding the allegations.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel