A Financial Reporting Council (FRC) preliminary hearing started last week to determine whether to strike off complaints made against former Farepak director and chief executive of European Home Retail (EHR) William Rollason.
Last December, the FRC formally complained that Rollason failed to act within ICAEW's ethical code. It also said his conduct fell short of standards expected of members during the stewardship of Farepak.
However, last month the former director applied to have the charges brought against him by the FRC struck out, resulting in the preliminary hearing.
The tribunal will also consider FRC executive counsel Gareth Rees's application to amend the formal complaint against Rollason.
The Christmas savings company entered administration in 2006 leaving 120,000 savers with losses of £37m, which the minister for consumer affairs at the time Ian McCartney called a "national emergency".
ICAEW magazine Economia is covering the hearing, in which a decision is expected to be delivered "shortly".