KPMG and other advisers to
Courts, the collapsed furniture retailer, have collected more than £35m in fees
since the company went into administration in November 2004.
More than three years after Courts collapsed, the group’s pension fund
remains in limbo and pensioners are facing an uncertain future. Former staff are
still waiting to be paid and the majority of creditors have been warned they are
unlikely to receive a penny.
KPMG has charged £23.7m in fees and expenses. The majority of the fees have
been earned by the accountant’s UK office which has, to date, billed for 55,353
hours of work, collecting £18.5m, The Daily Telegraph reports.
Chris Laverty, a KPMG partner and the Courts administrator, vigorously
rejected suggestions the fees were ‘outrageous’. ‘This was an incredibly complex
administration, involving global corporate finance transactions,’ she said.
‘There were numerous complications.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children