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.