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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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