PracticeConsultingE&Y successfully defends Barings role

E&Y successfully defends Barings role

An attempt by a US group of creditors to remove Ernst & Young as liquidators of the collapsed Barings Bank failed this morning.

A hearing brought by a US group of bondholders known as the 1986 Noteholders failed and the court also overruled the group’s demand for leave to seek an appeal.

Alan Bloom, head of corporate restructuring at E&Y and in charge of the Barings case, told AccountancyAge.com: ‘A judgement was made and the application to have the liquidators removed was refused.’

The group, also referred to as vulture funds, wanted KPMG to replace E&Y as their representative in the £1bn court case due to start today.

Coopers & Lybrand London and Singapore, now merged into PricewaterhouseCoopers, made a joint application together with the UK and Singapore liquidators to postpone the trial until 25 June 2001 to give both parties more time to discuss the possibility of a settlement.

Links

E&Y defends role at Barings Bank

PwC attempts 11th-hour Barings deal

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