Accountant fined over property sale distribution

An accountant who “improperly distributed” more than £50,000 from a property sale has been fined £2,300 and ordered to pay costs of £9,944, reports Nick Huber.

Chartered accountant Michael Alexander retained £50,550 from the sale of a property belonging to James Pryce to settle a debt owed to him from another business acquaintance, Mr Stockall. Alexander also transferred £5,935 to Haulwise UK Limited, a business which was in financial difficulties. Pryce was managing director of Haulwise.

Pryce agreed to merge his company with another business - Stockall’s ABV Services. Partly to repay some of Haulwise’s debts, Stockall persuaded Pryce to sell him his matrimonial home.

Continued...

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Comments

That's totally clear then    1 thanks

asillahi | | Permalink

How many times would you have to read this to understand it? I don't know if the guy did wrong or not.

After reading that.....    7 thanks

AndyC555 | | Permalink

After reading that, I'm fairly sure it was Professor Plum in the Library with the lead piping.

I'm going to have a lie down now.

How many times would you have to read this to understand it?    1 thanks

davidross | | Permalink

.... I'm not going to bother

How many times would you have to read this?

Supertorben | | Permalink

Ditto !

How many times would you have to read this to understand it?

asillahi | | Permalink

It's like a sketch written by the 2 Ronnies. I can just imagine Ronnie Barker reading it out and pulling faces.

Complete waste of time

maverick | | Permalink

 Perhaps a flow chart may help 

 

 

Phew!

EASy | | Permalink

Glad I'm not the only one struggling!

It's easy!

Ian McTernan CTA | | Permalink

Here's where the accountant went wrong- he lent money to clients, then took back said money with interest from the sale of a property without having sufficient paperwork to back up his actions.

I'm not sure where the solicitor stands in all this either, as I assume they were responsible for distributing the money to the accountant and must have had clear instructions to do so?

Morals of the story- don't lend money to clients, don't expect them to be grateful when you recover the money, and get any agreement on monies of this nature signed and witnessed, preferably at the offices of the solicitor handling the sale monies.