The former finance director of collapsed tour operator Travelscope Holidays could be struck off from his professional body after he admitted breaching its guidelines.
Mark Stephen Horwood appeared at a disciplinary hearing today in the Institute of Chartered Accountants of England and Wales (ICAEW) accused of committing an act “likely to bring discredit on himself, the institute or the profession of accountancy”.
Horwood admitted that in 2007 he failed to notify KPMG, which was preparing a cash flow report on Travelscope, that an arbitration award had been made against the company in excess of £2 million.
Horwood now faces exclusion from the ICAEW, a fine or reprimand and a judgement is expected later today.
Gloucester-based Travelscope fell into administration in December 2007, making 270 employees redundant. The 40,000 customers who were booked to travel received refunds from ABTA and the Civil Aviation Authority.
Shortly afterwards, Horwood and other former Travelscope staff set up Van Gogh Cruise Line. This collapsed in May 2008 after the ship was impounded in Madeira. Horwood is now working as a freelance financial consultant.
The former managing director of Travelscope, Richard Ford, was declared bankrupt in October 2008 over guarantees he made to the company worth nearly £1 million. Ford raised questions to the ICAEW over Horwood’s conduct.