Mark Albert Edmonds (53), an unqualified accountant of Tunbridge Wells, received a 12 year bankruptcy restriction order on 27 May 2015 following a trial at the County Court at Tunbridge Wells for abusing his position of trust in his provision of accountancy services by misappropriating client funds.
The hearing followed an investigation by the Insolvency Service. Mr Edmonds did not defend the proceedings against him.
Mr Edmonds is therefore bound by the restriction set out in insolvency law that a bankrupt is subject to until they are discharged from bankruptcy normally 12 months until 27May 2027. In addition, he cannot manage or control a company during this period without leave of court.
A bankruptcy order was made against Mr Edmonds on 4 February 2014, following a petition filed by HMRC in respect to his personal tax affairs. Mr Edmonds total deficiency was 261,766, of which 77,624.71 is owed to his former client, a social club.
The court heard that from 2004, Mr Edmonds acted as treasurer for the social club, although he was not formally appointed. Mr Edmonds was placed in a position of trust over the social club finances. Between 31October 2008 and 26 June 2012 he admitted to making regular payments to himself. Mr Edmonds confirmed that during this period he misappropriated 57,284.30 as unauthorised loans to support his personal income without the consent of his client.
The misappropriation of social club funds resulted in his client being liable for further charges of 20,340.41 for which they are seeking recovery from Mr Edmonds.
Commenting on the case, Andrew Stanley, the Official Receiver from Kent said:
Mr Edmonds held a position of trust with his client, which he breached by carrying out actions of dishonesty. The Insolvency Service looks closely at individuals and takes action where wrongdoing is uncovered.
This order protects the public from future misconduct by restricting Mr Edmonds from obtaining credit and acting in the management of a company.
The period of restrictions is in the maximum 15 years, reflecting the seriousness of the case and the high level of the victims that have suffered a loss.