The transfer was initially due to go ahead on March 19 but an ICL spokeswoman told Accountancy Age last week that that date had been missed.
She said: ‘As far as we are concerned the issue will be resolved in six weeks from last week.’The impression that the deal would be subject to a delay of several weeks was reinforced when a Customs spokesman said: ‘ICL told us the transfer would take no longer than five to six weeks to sort out.’
In a written statement to Accountancy Age, Customs described the delay as ‘disappointing’.
The computer company’s bank, the Bank of Tokyo-Mitsubishi, had witheld consent for the transfer to take place because it was seeking to establish who at Customs had the legal authority to sign the contracts.
However the transfer took place at midnight last Friday after the bank wrote to ICL last week to say: ‘[We] were both working through pre agreed procedures for the “transfer of undertakings” under a limited recourse facility and that this procedure simply took [a] few days longer than anticipated to complete.’
The transfer means 230 local Customs IT staff have now transferred from Customs to ICL. During the next 65 weeks some 21,000 new PCs and laptops will be installed throughout the Department.
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union