From OffshoreAlert by David Marchant

Receivers will attempt to remove insolvency practitioner Andrew Andronikou as administrator of borrowing law firm

Receivers to intervene in sale of Canadian property bought by Tim Schools apparently with funds defrauded from investors

A Cayman Islands judge has authorized the Receivers of Axiom Legal Financing Fund to take legal action in Canada, the Isle of Man, and Switzerland in an attempt to recover assets for investors, including an application to remove Andrew Andronikou as administrator of British law firm Rohrer & Co.

For more on this story go to:

http://www.offshorealert.com/andrew-andronikou-uhy-hacker-young-axiom-legal-financing-fund.aspx

Related stories re Andrew Androniku

Portsmouth recommend Andrew Andronikou to handle administration

From BBC 15 Feb 2012

Andrew Andronikou has confirmed to BBC Radio Solent his firm has been recommended by Portsmouth to handle their proposed administration.

Andronikou oversaw the club’s last administration two years ago, and is currently handling the same process with Pompey’s parent company.

On Monday the club made an application to go into administration with that hearing due to take place on Friday.

Pompey face a 10-point Football League penalty if they enter administration.

The club became the first Premier League side to enter administration in February 2010, following which they were relegated to the Championship.

Parent company Convers Sports Initiatives entered administration in November, forcing the Championship club to search for new owners.

It is believed Pompey currently owe HM Revenue and Customs £1.9m in unpaid tax as well as between £4m to £7m from the previous regime.

Play media

Portsmouth financial crisis report

They were issued with a winding-up petition by HMRC on 3 January, and the club were due at the Royal Courts of Justice on 20 February, before the administration order.

The club announced in January that their players and staff had not been paid their wages for that month, as a result of having their bank account frozen.

They later failed to gain a validation order to gain access to their accounts, leaving players and staff at Fratton Park still waiting to be paid.

Former owner Balram Chainrai last week said he was flying to the UK to sort out the stricken club’s future.

The Hong Kong-based businessman, who owned the club with Israeli Levi Kushnir through a company called Portpin, is still owed £17m.

BBC South understands that any new purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Chainrai and Alexandre Gaydamak.

However the Portsmouth Supporters’ Trust have claimed that Andronikou is asking them to provide £100m in proof of funds  before any meeting between them could take place.

For more on this story go to:

http://www.bbc.co.uk/sport/0/football/17047701

See another related story:

Hacker Young’s Andronikou severely reprimanded

by Kevin Reed 4 May 2012 From Accountancy Age

PHOTO: ICAEW at Moorgate Place

A £5,000 FINE has been dished out to UHY Hacker Young partner Andrew Andronikou for “manifestly inappropriate” conduct in relation to a client going through personal insolvency proceedings.

In a consent order made with the ICAEW, Andronikou was severely reprimanded, fined £5,000 and paid costs of £6,500 in relation to his role as a nominee and supervisor of an insolvent individual in 2007.

The institute’s investigation committee said that the complaint against him related to wrongly recommending a creditors’ meeting should be summoned, in that he had not undertaken sufficient investigations into the validity of certain creditor claims. Court proceedings to set aside a decision of the creditors’ meeting by a third party saw his conduct as “manifestly inappropriate” relating to evidence filed by him on the respondent’s behalf.

He was reprimanded and fined £500 last year by the ICAEW in a consent order for failing to meet insolvency reporting requirements.

Andronikou became well-known as a joint administrator of Portsmouth Football Club.

For more on this story go to:

http://www.accountancyage.com/aa/news/2172613/hacker-youngs-andronikou-severely-reprimanded