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07 Oct 2011
ERNST & YOUNG is being sued for £8.5m by a private equity firm that claims the accountants incorrectly valued its investment into a business recovery practice.
The Big Four firm is being sued by Primary Capital, reports The Times. The private equity firm acquired Haines Watts Business Recovery in 2006, before the insolvency practice entered into a pre-pack administration two years later. It was sold to Tenon.
Primary Capital has made the claim after it lost its investment when the insolvency firm was sold on.
The claim is misconceived and will be vigorously defended," E&Y said in the Times' report.
Primary Capital has so far been unavailable for comment.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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