Former Luton Town and Spurs FD excluded by ICAEW

Derek Peter excluded from institute following his director disqualification

06 Dec 2012 Accountancy Age

By Kevin Reed

ICAEW at Moorgate Place

A FORMER Luton Town and Tottenham Hotspur finance director has been excluded as a member of the ICAEW.

Derek Peter, of Totteridge, has been excluded after bringing the institute into disrepute following his disqualification as a director.

His director disqualification followed a series of issues relating to his time at Luton Town, which also saw him found guilty of misconduct by the FA.

The High Court found that between 2004 and 2007 he contributed towards the club breaching rules and regulations relating to payments to football agents. He caused Luton Town to trade at the risk, and "ultimate detriment" to HM Revenue & Customs – which saw the taxman owed £3.5m by the time of his resignation in 2007. He also caused the club to enter a transaction that was to the detriment of creditors and to the benefit of a connected entity (of which he was also a director).

Luton Town entered administration in November 2007.

In response to the ICAEW, Peter had told an institute case manager that the judgment had overlooked the defences he and his co-directors had put forward – and that he was not minded to enter into any further correspondence.

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