PracticeAccounting FirmsAdministrators begin Wenham forensic probe

Administrators begin Wenham forensic probe

Vantis administrators focus on returning funds to creditors as Wenham Major goes under forensic examination

John Joyce, Wenham Major

John Joyce, Wenham Major co-owner, still in hospital

A forensic examination of computers at collapsed Top 50 accountancy firm
Wenham Major is under way, as administrators turn their attention from
protecting jobs and clients to returning funds to creditors.

Administrators from
Vantis are
shifting their attention after selling the core accounting business to
RSM
Bentley Jennison
and preparing a deal to sell the insolvency practice to
Kiran Mistry, a senior manager in the practice. That deal is subject to
contract.

Wenham Major entered administration last week following a statement that
joint owner Ammar Azam had unearthed ‘financial irregularities’ in the Wenham
Major Private Client subsidiary. The private client arm was founded by Azam’s
fellow joint owner John Joyce, who is understood to be in hospital.

Wenham Major’s main creditor is HBOS, the firm’s bankers, who are understood
to have personal guarantees from both Azam and Joyce.

Administrators are understood to be preparing to talk with both partners as
they look into the collapse of the firm.

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