TransTec: Timeline - 1991 to 1999
A time line of the key developments from TransTec's creation to the resignations of Richard Carr and Bill Jeffrey
May 1991
: TransTec created.
Oct 1992: Coopers & Lybrand appointed auditor
Nov 1994: Richard Carr replaces Geoffrey Robinson
July 1995: Richard Parkin becomes group financial controller
Aug 1995: Bill Jeffrey becomes finance director
June 1996: Ford demands TransTec bear the cost of late cylinder head order
Apr 1997: Ford sets out claim for $36m (£21m). TransTec finalises accounts for 1996 without mention of Ford
Aug 1997: Ford claim settled for £11m
Mar 1998: publication of 1997 results includes no charge or liability in respect of the Ford settlement
Mar 1999: 1998 results include write off £35.3m and ‘bogus asset’ of £1.9m to partly account for Ford claim
Resources & Whitepapers
Accounting Software The power of customisation in accounting systems
Sep 1999: TransTec announces a loss for first six months of 1999 of £5.7m
Dec 1999: lenders to TransTec become aware of the Ford claim. Richard Carr and Bill Jeffrey resign