Chartered accountant Russell Payne goes bankrupt after firm is taken over

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Chartered Accountant Russell Payne has officially been made bankrupt following a court hearing in Boston.

The hearing took place on Friday, June 16 at Boston Magistrates Court.

Russell Ian Payne, of Eastgate, Lincoln, is now bankrupt, with an automatic bankruptcy discharge set for June 16, 2018.

Payne will also now be struck off as a Charted Accountant by the Institute of Chartered Accountants in England and Wales (ICAEW). The institute are currently awaiting formal confirmation of bankruptcy before this can happen.

This comes after Russell Payne & Co, one of the largest accountancy practices in Lincoln, went into administration in February earlier this year.

The company, which had a turnover of £1.1 million and 25 members of staff, was then taken over by established Lincolnshire company Dexter and Sharpe.

Lincolnshire Business attempted to contact Russell Payne before publication of the story, but he could not be reached.