Professional Services
FRP Advisory
Full Credential Description
In a dispute among partners of a GP practice, one partner claimed that another had caused the draft profit and loss accounts to misrepresent the financial standing of the partnership. The claimant alleged that the accounts understated his current and capital accounts while overstating those of the defendant. Additionally, the claimant accused the defendant of drawing excess profits, which led to an overdrawn capital account. In response, the defendant issued a counter-claim regarding money owed to him, which effectively reduced the claim for overdrawn profits.
we was engaged by the defendant’s solicitors to act as independent forensic accountants to assess the quantum of the claim. The team conducted a thorough review and forensic analysis of the submissions from both parties, the partnership accounts, and relevant supporting documents. They critically evaluated how the share of profits reflected the partnership agreements and scrutinized the adjustments proposed by the claimant. Through this analysis, we identified necessary adjustments to the claimed amount of overdrawn profits and prepared a detailed memorandum outlining their findings, which included an assessment of the overdrawn profits.
As a result of the findings presented by both independent forensic accountants, the parties were able to reach a settlement through mediation, effectively resolving the dispute.