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04 Sep 2008
KPMG, Unwins administrators, has briefed the official receiver there is a potential claim to be brought against former directors of the failed off-licence retailer.
The conclusion is part of the findings handed over following a two-year investigation – costing the administrator more than £27,000 – into allegations that money was transferred out of the group in the weeks leading up to its collapse, according to The Daily Telegraph.
KPMG is said to have been considering bringing its own legal action against the former directors but found it would be ‘uneconomic’ following the breakdown of discussions with Unwins creditors at the end of 2005, nine months after the business was bought by Devereux Montague, an investment vehicle backed by Australian businessman Phillip Cook.
When details of the probe first emerged Cook insisted the money had been transferred because of extremely high level of thefts at Unwins.
Further reading:
KPMG report reveals foundation trust money unaccounted for
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