Legal News

An insolvency practitioner in Wales has been handed a two-year prison sentence as well as being disqualified from being a director, after pleading guilty to seven counts of fraud, two counts of theft and one count of false accounting at Cardiff Crown Court.

The conviction follows a referral by the Insolvency Service and a full criminal investigation and Prosecution by the Department for Business, Energy and Industrial Strategy with assistance from Gwent Police.

William Evan Price, 69, of Pontnewynydd , Pontypool in Torfaen was an insolvency practitioner practising at Abersychan.

An investigation was launched into the misappropriation of nearly £48,000 received by Mr Price as the trustee in bankruptcy of five bankrupts and the liquidator of one company, for the benefit of their creditors – and the falsification of his time sheets in relation to his administration of one bankruptcy.

The offending took place against the background of the restriction and withdrawal of Mr Price’s insolvency practitioner’s licence by his licensing body, the Institute of Chartered accountants in England and Wales, and in the period thereafter.

Deputy Chief Investigating Officer Liam Mannall from the Department for Business, Energy & Industrial Strategy said:

“The Insolvency Service and The Department for Business, Energy and Industrial Strategy will take firm action in respect of criminal activity on the part of insolvency professionals, who are under an enhanced fiduciary duty when dealing with vulnerable individuals and distressed companies.

“Mr Price completely betrayed the trust placed in him by a number of people who considered him to be an individual who would apply his professional knowledge to help them through difficult periods in their lives.”

Mr Price was also disqualified from being an insolvency practitioner and director of a company for seven years.

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a charge or investigation into business crimes, including charges relating to misrepresentation, fraud, false accounting, embezzlement, breaches of disqualification, tax and VAT evasion, and white collar crime.

Duncan Lewis can advise at the start of an investigation and before charges are brought – and can also liaise with investigating authorities such as Trading Standards, Insolvency Service, HMRC, SFO, FCA, and City of London Police.

There are Duncan Lewis offices across England and Wales – and a Duncan Lewis solicitor can usually reach a police station for interview under caution within an hour.

For expert legal advice on business offences, call Duncan Lewis business crime solicitors on 0333 772 0409.