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13 Oct 2008
The fallout from the Dawnay Day collapse continued as administrators
BDO
Stoy
Hayward siezed two luxury Mangusta yachts founders Guy Naggar and Peter
Klimt bought with company money to entertain clients.
One of the boats is a 108ft cruiser with a price point of more than €10m (£8m) and the other is an 80ft boat with a pricetag of between €2m and €5m.
Later this month, two artworks will be auctioned by the administrators at Sotheby’s to raise cash to pay creditors. Jenny Saville’s Rosetta 2 has a guide price of between £350,000 and £450,000, while a Damien Hirst montage of dead butterflies is priced between £250,000 and £350,000, The Times reports.
While investigating the collapse, BDO discovered money set aside to pay monthly rent was used to pay margin calls on several investments which had been made on movements in public-share prices. The company collapsed when their value dropped sharply.
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Briefings
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