A Lincoln accountant, whose firm was placed into administration in February 2017 and later sold to another local practice, has been made bankrupt
Russell Payne, who ran 25-staff practice Russell Payne & Co, was made bankrupt in the County Court of Boston. As an ICAEW member he will face mandatory expulsion following the bankruptcy order.
The practice, with a £1.1m turnover, was placed into administration in February and was sold to another local practice, Dexter and Sharpe. Administrators from RSM had run the corporate insolvency process.
The new Dexter and Sharpe office becomes their eighth in the country.
CCH Daily has contacted Russell Payne for comment. Dexter and Sharpe declined to comment.