Former Travelscope finance director Mark Horwood has been fined £3,000 for breaching the guidelines of the Institute of Chartered Accountants in England and Wales (ICAEW).
After a hearing at the ICAEW’s headquarters in London today, Horwood was given a severe reprimand, fined £3,000 and ordered to pay costs of £1,800.
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.
Gloucester-based Travelscope fell into administration in December 2007, making 270 employees redundant.