BusinessBusiness RecoveryBCCI claim is ‘most expensive fishing expedition in history’

BCCI claim is 'most expensive fishing expedition in history'

 Bank of England governor lashes out over Deloitte's BCCI case

Mervyn King, the governor of the Bank of England, has claimed that the case
bought by liquidators from Deloitte over BCCI, demonstrated that the UK legal
system is unable to bring quick resolutions to commercial disputes.

Speaking at the annual Mansion House dinner he described Deloitte’s case
against the Bank for its regulation of BCCI as the ‘most expensive fishing
expedition in history’.

Deloitte acted as liquidators of BCCI and brought the case claiming the Bank
was guilty of misfeasance in public office for its failure to properly regulate
BCCI.

Deloitte eventually dropped the claim with the Bank being award £73m in
costs.

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

4m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

6m Alia Shoaib, Reporter
Manor Racing Formula One team company enters administration

Business Recovery Manor Racing Formula One team company enters administration

9m Stephanie Wix, Writer
Oil and gas sector insolvencies hit “new high”

Accounting Firms Oil and gas sector insolvencies hit “new high”

9m Stephanie Wix, Writer
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

7m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

8m Emma Smith, Managing Editor
Business confidence drops to second lowest level since 2011

Business Recovery Business confidence drops to second lowest level since 2011

9m Stephanie Wix, Writer