A former director of Bond Partners LLP has been excluded from the ACCA after being found guilty of misconduct by recording time worked in respect of a bankruptcy which was excessive and not supported by the level of work appropriate to the case.
The disciplinary committee has ordered that Theodoulos Papanicola is excluded from membership and pays costs, although the decision is subject to any appeal which Papanicola may lodge.
The investigation is continuing, which limits the information available on the exact details of the ruling, ACCA said.
The ACCA action follows on from the start of the year when Papanicola was declared bankrupt at the High Court. In February he was found guilty of two allegations of misconduct relating to the application of a company voluntary arrangement (CVA) proposal and told to pay costs of £11,903.
As reported in Insolvency News the ACCA ruled he had failed to “make adequate appropriate inquiries” into the CVA to establish if the proposal had a “reasonable prospect of being approved”.
In January Bond Partners, for whom Papanicola was a director since its inception in 2004, collapsed into administration, with RSM Tenon appointed to handle the case. The administration resulted from significant claims against the partnership and a winding up petition by HMRC, according to the administrators.
Numerous AccountingWEB members have complained in recent years about their experiences with Bond Partners Network, a marketing intermediary for accountancy firms in which Bond Partners had a 50% shareholding. This outfit was wound up by the High Court last year.
Following complaints about recent posts by one member affected by the case, AccountingWEB was forced to make the contentious material non-live, but produced this overview to present a non-contentious factual summary of the saga to date.
About Robert Lovell
Business and finance journalist