Andronikou fined over inappropriate conduct

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ANDREW Andronikou has been severely reprimanded for ‘manifestly inappropriate’ conduct.

Mr Andronikou, formerly joint administrator of Portsmouth Football Club, was given a £5,000 fine by the Institute of Chartered Accountants in England and Wales (ICAEW).

He also paid £6,500 in costs to the ICAEW.

The fine related to Mr Andronikou’s conduct when acting for a client who was going through personal insolvency proceedings in 2007.

Mr Andronikou, a partner in accounting and auditing firm UHY Hacker Young, was the client’s nominee and supervisor and was responsible for coming to an agreement with the insolvent individual’s creditors.

The institute’s investigations committee said that the complaint against Mr Andronikou related to him wrongly recommending that a creditors’s meeting should be summoned.

It said that before doing so he had not undertaken sufficient investigations into the validity of certain creditor claims. There then followed court proceedings to set aside a decision of the creditors’ meeting.

The institute said the inappropriate conduct related to evidence filed in relation to those proceedings by Mr Andronikou on his client’s behalf.

Mr Andronikou was reprimanded and fined £500 last year by the ICAEW in a separate case for failing to meet insolvency reporting requirements.

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