The conviction of jailed accountant Christopher Lunn earlier this year had left thousands of clients, including household showbiz names, with a worrying wait for a resolution of their affairs following his sentencing
Norman Younger of practice brokers Maximiti, who negotiated the sale with the administrators Frost Group, observed that “this was a highly unusual and complex deal whose circumstances adversely impacted its marketability, and we had to bear in mind that with the passage of time the risk of clients finding a new adviser increased, thereby wiping out value for creditors. One would also hope that a better outcome for many clients will be achieved with a single firm liaising on behalf of the group with HMRC".
He added that the cause celebre surrounding the case demonstrated how rare such events are and remained confident that the reputation of the accountancy profession would not be undermined.
“The forthcoming Accountex exhibition shows just how energised and buoyant the sector is. This country boasts a robust and well regulated profession that can be relied upon to assist clients with compliance and fulfilling the role as trusted business adviser ” said Younger, who says that demand for the purchase of fee blocks or entire practices remains buoyant in spite the sluggish economy.