At a hearing of the disciplinary tribunal of the Institute of Chartered Accountants of New Zealand held in public on
29 March 2007, at which the members were not in attendance and not represented by counsel, Kenneth Richard Smith and Karin Miriam Smith, chartered accountants of Wanganui, admitted the following particular and pleaded guilty to the following charge.
Charge
THAT in terms of the Institute of Chartered Accountants of New Zealand Act 1996 and the Rules made thereunder, and in particular Rule 21.30, the members were adjudicated bankrupt.
Particular
IN THAT:
On or about 15 September 2006, the members were adjudicated bankrupt in the Wanganui High Court.
Reasons
Kenneth Richard Smith and Karin Miriam Smith have been adjudicated bankrupt and this tends to reflect badly on the institute and its members.
Orders of the Tribunal
(a) Pursuant to Rule 21.31(b) of the Rules of the Institute of Chartered Accountants of New Zealand, the disciplinary tribunal ordered that Kenneth Richard Smith and Karin Miriam Smith be suspended from membership of the institute for the duration of their bankruptcy.
(b) Pursuant to Rule 21.33 of the Rules of the Institute of Chartered Accountants of New Zealand, the disciplinary tribunal ordered that Kenneth Richard Smith and Karin Miriam Smith each pay to the institute the sum of $1,000.00 (inclusive of GST) in respect of the costs and expenses of the hearing before the disciplinary tribunal and the investigation by the professional conduct committee.
In accordance with Rule 21.35 of the Rules of the Institute of Chartered Accountants of New Zealand, the disciplinary tribunal directed that the decision of the disciplinary tribunal be published in the Chartered Accountants Journal, the
New Zealand Gazette, the Wanganui Chronicle, and on
the institute’s website with mention of the members’ name and locality.
The publicity in the Chartered Accountants Journal, the New Zealand Gazette and the website will be the full version of the notice of decision, and the version in the Wanganui Chronicle will be the abbreviated version of
the notice with reference to the full decision being on the institute’s website.
Right of Appeal
Pursuant to Rule 21.41 of the Rules of the Institute of Chartered Accountants of New Zealand which were in force at the time of the original notice of complaint, the members may, not later than 14 days after the notification of this tribunal to the members of the exercise of its powers, appeal in writing to the appeals council of the institute against the decision.
No decision other than the direction as to publicity shall take effect while the members remain entitled to appeal or while any such appeal by the members awaits determination by the appeals council.
Dated this 4th day of April 2007.
R. J. O’HOARE, Chairman, Disciplinary Tribunal.