ICAS blasted for lack of discretion.
A Scottish-based insolvency practitioner has bitterly criticised ICAS for its handling of publicity surrounding his disciplinary hearing.
Kenneth Stewart, of KM Stewart & Co, Glasgow, has admitted five offences in relation to work with two limited companies but criticised ICAS for going public with the verdict before he had a chance to see the statement.
He lambasted the professional body’s ‘format of publicity and interpretation of the facts’.
Stewart said: ‘I have responded because its interpretation of the facts is completely misleading and gives a false and unfair impression of what I have agreed with the institute.’
ICAS withdrew the lifetime insolvency permit of Stewart who practiced in the Royal Crescent, Glasgow, at the beginning of June after he admitted to five of 14 charges laid against him.
Stewart has been given three months, from 6 June, to wind up his practice.
The charges include obstructing the work of another insolvency practitioner and attempting to use an unsigned proxy voting form to support his nomination as liquidator.
Stewart said that he had admitted the five charges 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 at his practice.