PracticeAuditThe Cattles saga: Timeline

The Cattles saga: Timeline

Accountancy Age documents the unfolding developments

Click on the dates to follow Accountancy Age‘s coverage of Cattles’
turmoil.

24 February 2009

Sub-prime lender Cattles warns shareholders that its profit before tax will
be `substantially lower than current market expectations.’ The announcement
sends it’s share price plummeting.

25
February

Cattles’ finance director, James Corr, says he will stay on beyond his
February retirement date until a review of the business’ impairment provisions
is completed.

4
March

Cattles suspends three directors, including the FD of the division under
review.

10
March

Another three executives are suspended, including group finance director
James Corr. Corr’s replacement has his appointment deferred until further
notice.

01
April

Cattles says it will set aside an additional £850m to cover customers
defaulting on debts. The company believes a ‘breakdown in internal controls’ at
its Welcome Financial Services arm led to under-provisioning for bad debtors.

23
April

Trading in Cattles’ shares are suspended after it admits its annual report
would not be ready on time, as it awaits the conclusion of the Deloitte review.

5
July

Cattles fires group FD James Corr and the FD of its principal lending arm
Welcome, along with four other executives.

23
July

The Accountancy and Actuarial Discipline Board announces an investigation
into Cattles’ external auditor PricewaterhouseCoopers.

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