BusinessBusiness RecoveryFallout from Dawnay Day collapse continues

Fallout from Dawnay Day collapse continues

The fallout from the Dawnay Day collapse continues as administrators seize luxury yachts

The fallout from the Dawnay Day collapse continued as administrators
BDO
Stoy
Hayward
siezed two luxury Mangusta yachts founders Guy Naggar and Peter
Klimt bought with company money to entertain clients.

One of the boats is a 108ft cruiser with a price point of more than €10m
(£8m) and the other is an 80ft boat with a pricetag of between €2m and €5m.

Later this month, two artworks will be auctioned by the administrators at
Sotheby’s to raise cash to pay creditors. Jenny Saville’s Rosetta 2 has a guide
price of between £350,000 and £450,000, while a Damien Hirst montage of dead
butterflies is priced between £250,000 and £350,000, The Times
reports.

While investigating the collapse, BDO discovered money set aside to pay
monthly rent was used to pay margin calls on several investments which had been
made on movements in public-share prices. The company collapsed when their value
dropped sharply.

Further Reading:

BDO gears up for Dawnay, Day sell-off

Read
The Times story

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor