Sharechat Logo

Renshaw Edwards fallout continues

By Ray Lilley

Friday 30th June 2000

Text too small?
An Upper Hutt accountant struck off for his poor auditing of the trust accounts of Upper Hutt's $20 million legal fraudsters Patrick Renshaw and Keith Edwards is fighting his own bankruptcy, with a good chance of initial success.

Accountant Kenneth Robert Clark, known as Bob Clark, may force Inland Revenue to go back to square one in its efforts to claim $141,000.

He was wrongly identified as Keith Robert Clark in the formal bankruptcy documents.

Mr Clark has applied to have the bankruptcy order annulled because Inland Revenue failed to follow due process and the bankruptcy notice failed to identify him.

Such an error over a "legal entity" (individual person) is regarded as serious, as bankruptcy means a major change of status for the affected person.

Legal sources expect the IRD's flawed proceedings will have to be refiled.

Some weeks before Keith Clark was declared bankrupt, Bob Clark was offering his $500,000-a-year fee income business for sale for at least $250,000 to local accountants.

Accounting sources said if the bankruptcy proceedings are confirmed, the IRD will have first call on the sale proceeds unless the debt is income tax.

Mr Clark was fined for professional incompetence over his audit of law firm partners Renshaw and Edwards, who between them stole as much as $20 million of client money for property speculation and gambling.

He spent more than $19,000 unsuccessfully defending the charges brought by the Institute of Chartered Accountants.

Sole holder of Clark's Accounting Services Ltd's 5000 shares and its only director, Mr Clark changed his business trading name from Clark's Chartered Accountants when he was struck of by the institute two years ago.

He had previously practised as Clark Fitzgerald and Co.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar falls against Aussie after strong Oz jobs data
Helen Clark, Don McKinnon front NZ chapter of US think-tank
Fuji Xerox auditor keeps name suppression due to reserved appeal decision
ComCom to eye fuel profits by region, activity
TIL Logistics director Kern steps down and sells out
Turners drops Buy Right Cars moniker in single brand strategy
Mercury, Genesis signal weaker earnings on low lakes, gas shortage
Wrightson gets OIO approval to sell seeds unit, still mulling size of return
Fletcher unit blows whistle on attempted price-fixing in Christchurch
Tourism Holdings falls 24% on open after lowering guidance

IRG See IRG research reports