A report from the NAO said that poor regulation by the Department of Trade and Industry meant taxpayers had to meet the debts of the company that runs the UK’s nuclear power stations.
The NAO said ministers failed to monitor how changes in the electricity market would hit British Energy’s costs and profits.
Instead, they adopted a ‘wait and see’ approach, despite growing financial evidence that British energy was vulnerable to falls in the electricity market.
Last year the company, which produces 20% of all the UK’s electricity, was given a life-saving debt restructuring deal.
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