PwC paid £4m ‘so far’ for MG Rover administration

PricewaterhouseCoopers, administrators for MG Rover Group, has been paid £4m in fees since the firm was appointed in April.

Speaking after a meeting with creditors in Birmingham earlier today, administrators Tony Lomas and Steven Pearson said the firm had found nothing suspicious in the accounts of the stricken car manufacturer.

Lomas also said that they could be forced to break up the remaining assets of the collapsed car maker and sell them off on a ‘piecemeal basis’.

He added that MG Rover had ‘very few’ saleable assets left. Most had already been sold to finance running costs at the firm, which collapsed with debts of £1.4bn.

PwC said that MG Rover’s creditors were likely to receive a settlement that was ‘nil or negligible’.

But there was some optimism that MG Rover pension fund holders would still receive some of their savings. Lomas said that under the government’s newly implemented Pension Protection Fund, holders should expect to receive ‘some funds’. However he warned that those with more substantial holdings could find their pensions capped.

An ongoing DTI enquiry has yet to report on the full impact of MG Rover’s collapse.

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