Metronet revelations due this week

Details of the financial wreckage at tube contractor
Metronet will be
disclosed this week when administrators from Ernst & Young file the first
financial documents with Companies House since Metronet’s collapse in July.

An E&Y spokeswoman confirmed that the administrators, led by business
recovery expert Alan Bloom, were scheduled to file a statement of affairs on
Metronet at Companies
House this week.

The contents of the document will remain confidential until public release,
but the papers are expected to provide a list of Metronet’s assets and may
disclose further details about tax liabilities and creditors.

Documents will be filed within the 28-day deadline from the date of
administration, which will surprise some experts.

Nick Hood from Begbies Traynor said he was not expecting the papers to be
filed on time as Metronet had such a complex structure involving several
subsidiaries. ‘I thought the administrators would have taken an exemption which
allows them to extend the deadline if a business is very complex,’ Hood said.

The statement of affairs released by administrators will be closely examined
by MPs who have called for an investigation into the contractor’s collapse.

For further reading click here

Related reading