UHY HACKER YOUNG’S Andrew Andronikou is being fined by the ICAEW for failing to meet insolvency reporting requirements.
Andronikou agreed an ICAEW investigation committee consent order to be reprimanded and fined £500. He was also asked to pay £2,167 of costs.
Andronikou is well-known for his role as joint administrator of Portsmouth Football Club.
The complaint, unrelated to his role at Portsmouth, refers to a SIP 16 report that administrators must file after a pre-packaged administration. In a pre-pack the sale is arranged prior to the formal insolvency process.
Following the pre-pack sale the insolvency practitioner must produce a SIP 16 report, distributed to all creditors, which contains further details including why this type of administration was chosen.
Andronikou was reprimanded for a SIP 16 report he submitted in October 2009, which failed to include sufficient information regarding; an independent valuation of a business and its assets; his involvement prior to his appointment; and why a pre-pack was undertaken.
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