Week in review: 19 – 23 May

On Monday, Sir Nicholas Montagu’s role as chairman of the Inland Revenue came under threat after the Treasury refused to back him over the decision to sell 600 properties to a company based in a tax haven.

The day also saw the return of newly-restructured telecom equipment maker Marconi to the London Stock Exchange.

Tuesday it was revealed that a provisional settlement between the US Securities & Exchange Commission and WorldCom (now known as MCI) will see the telecom pay a record fine of $500m (£306m).

Back home, the government confirmed it would publish a draft bill on corporate manslaughter.

On Wednesday we reported that insolvency practitioners were being urged to challenge in the courts the controversial football ‘super creditor’ rule by the head of one their professional bodies.

Also within this sector, many small and medium sized business were found to be entering into insolvency because of some form of financial fraud, usually involving false invoicing.

Thursday, in an exclusive interview with Accountancy Age, Inland Revenue chairman Sir Nick Montagu came out fighting following press criticism of his handling of a controversial PFI deal, which saw £220m of property sold to a company registered in the tax haven of Bermuda.

Also a survey amongst Accountancy Age readers found eight out of 10 believing that the UK economy has failed to meet the chancellor’s five tests for entry to the euro.

Friday, our parliamentary correspondent reported that Lord Sharman had brokered a compromise deal giving the comptroller and auditor general access to the BBC’s accounts while preserving the corporation’s artistic and editorial integrity.

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