Powerful Northern Rock shareholders have lost a court battle to have the
rules governing BDO’s valuation of Northern Rock radically altered.
Hedge funds SRM Global and RAB Capital argued Northern Rock should be treated
as if it were unable to continue as a going concern and not in administration
before the government bailed it out, but a High Court judicial review rejected
the claim today.
Earlier this month Roger Lawson, chairman of the Northern Rock Shareholders
Action Group, which had backed the hedge funds’ efforts, said: ‘The terms are
based on totally artificial assumptions. The government is looking to gain a
thrifty valuation which benefits them and screws the shareholders.’
has been paid a flat fee of £4.5m to put a price on Northern Rock.
Valuations expert Andrew Caldwell is spearheading the firm’s efforts.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies