A hearing today and Wednesday in front of the vice-chancellor is hoped to finally put the settlement reached between liquidators KPMG and former group auditor Coopers & Lybrand, now part of PricewaterhouseCoopers, to bed.
Until both the deal between PwC and KPMG and the creditors scheme of arrangement has been approved, no decision can be made on how to proceed with a slimmed down case against co-auditor Deloitte & Touche Singapore.
KPMG is suing Deloittes Singapore and Coopers for negligence in their work as auditors of the Barings group and its Singapore subsidiary where rogue trader Nick Leeson ran up over Pounds 800m worth of illegal transactions, which led to the British bank’s collapse.
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