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IP 'severely reprimanded' by ACCA 16 February 2012

An insolvency practitioner (IP) has been ‘severely reprimanded’ by regulatory body ACCA and ordered to pay costs of more than £10,000.

Theodoulos Papanicola, of North London, was found guilty of two allegations of misconduct relating to the application of a CVA proposal and told to pay costs of £11,903.

The body ruled he had failed to ‘make adequate appropriate inquiries’ into the CVA to establish if the proposal had a ‘reasonable prospect of being approved’.

ACCA also cited Papanicola, 62, for his ‘failure to perform an objective review of the CVA in order to satisfy himself that the proposal would work’.

Insolvency Today also understands that Papanicola, who has been a director of Bond Partners LLP, will attend another hearing scheduled for this year as part of an ongoing disciplinary investigation.

A spokesperson for ACCA explained Papanicola did not renew his IP license in December.

Last month, Papanicola was also declared bankrupt at the High Court – a decision which will automatically see him lose his ACCA membership this month.

In January London-based Bond Partners LLP collapsed into administration due to “significant claims against the partnership and a winding-up petition by HMRC”.

Administrators RSM Tenon told Insolvency News Papanicola – who has been at the partnership since its inception in 2004 – had his portfolio of cases transferred to business recovery firm Alexander Lawson Jacobs.

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