The Big Five firm was appointed last month when the company, founded by former minister Geoffrey Robinson, collapsed with debts of more than £70m. It has been accused of breaking English ICA rules by accepting the work.
Several insolvency sources have raised objections to the appointment because of Andersens’ previous corporate finance work for TransTec.
A year ago, the firm assisted in a £32m disposal of the company’s measurement business. This could place the firm in breach of institute ethical guidelines that state a firm should not accept an insolvency appointment if an employee has carried out any ‘material professional work’ for the client in the preceding three years.
One senior regulator said: ‘I would have thought that £32m would be material and presumably they were hoping to get additional work as well.’
An Andersens’ spokesman vigorously denied there had been any wrongdoing, describing it as a one-off deal. He added that the three individuals appointed to the receivership – Murdoch McKillop, John Talbot and David Duggins – had considered the position carefully before accepting the job.
A source close to the institute’s ethical standards office said that an investigation did not require a formal complaint to be made, but could be triggered because of the high-profile nature of the case.