BusinessBusiness RecoveryRock valuer hunt drags on

Rock valuer hunt drags on

Treasury search for someone to give an indication of stricken bank's worth is being stretched out because of industry professionals' apparent reluctance to get involved

Efforts to find a valuer for Northern Rock are being severely affected
because industry professionals appear to be giving it the cold shoulder.

The search has now stretched out to almost three months as it has been hinted
that the legal and reputational baggage that goes with the job is putting
potential candidates off.

An ‘industry source’ told the
Independent:
‘The difficulty for the people [The Treasury] has approached is that they don’t
want to get embroiled in litigation and they don’t think they can deliver within
the parameters of the brief they have been given.’

The valuer will have to figure out the worth of the bank if the government
had not bailed the bank out, which experts have said could lead to a valuation
of little or nothing.

PricewaterhouseCoopers and KPMG cannot be considered for the role because of
conflicts of interest, but Deloitte and Ernst & Young could still be in the
frame.

Under government legislation, the ICAEW will endorse the winning candidate
before they are officially appointed.

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