Worry when the accountants are going bust

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As Accountancy Age reports:

Top 20 [accounting] firm Vantis has announced it has entered administration weeks after suspending its shares.

A statement by the board said while directors had “vigorously explored” every available avenue to reduce debt, there was a lack of progress with those options.

This is, I admit, another case of “I told you so”. Sorry, these seem to be happening quite often. We can well do without this firm for the reason noted in the link.

But as one former employee told me in an email:

It’s been a torrid ride but tonight Vantis has gone into administration — thank God.

There’s a history to be written and its theme will be GREED.  Overpaid Plc directors who sucked the business of cash to feather their own nests and who also over-traded and championed the most outrageous of tax avoidance schemes. A client said to me today that it comes to something when their financial advisers over-trade and end up going down.

Quite so. It’s another reason why the profession is well shot of Vantis plc.