KPMG nets £23m from Courts
KPMG, administrators of the failed furniture retailer Courts, and other advisers have collected more than £35m in fees
KPMG, administrators of the failed furniture retailer Courts, and other advisers have collected more than £35m in fees
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.’
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Construction, Food & Drug Retailers and General Retailer sectors in particular drove the increase in ‘significant’ financial distress, up 38.6%, 4...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View article