Mayflower division mopped up
One of the final remnants of the British bus-maker, Mayflower, has been sold to a US vehicle-parts maker for $107.5m (£60m).
The collapse of Mayflower is the subject of the first investigation by newly-created disciplinary body, the Accountancy Investigation & Discipline Board.
The AIDB will investigate ‘the role and conduct of members and member firms of the ICAEW and ACCA in relation to the Mayflower Corporation Plc and its subsidiaries, whether as auditors, advisers, directors, employees or in any other capacity’.
The proceeds from the recent sale will go Mayflower’s secured creditors including banks and bondholders. Together they are owed about £250, reports The Times.