PracticeConsultingInsolvency practitioners raise eyebrows over Andersen’s choice for TransTec receivership

Insolvency practitioners raise eyebrows over Andersen's choice for TransTec receivership

The insolvency profession is awash with speculation over the appointment of John Talbot, a retired Arthur Andersen partner, as one of the three individuals working on the TransTec receivership.

Several leading IPs said this week that it was ‘very unusual and almost unheard of’ to name an individual who was no longer working full-time at the firm.Talbot retired last year from Arthur Andersen, but remains a consultancy and insolvency license holder.

He was appointed alongside Murdoch McKillop, who spends a great deal of time working abroad, and David Duggins.

One insolvency specialist with a Big Five firm said: ‘It sounds a big strange and it begs the question of what is the point of insolvency appointments going to named individuals rather than firms in the first place.’

He said that the firm has to apply to the court any time that an IP retires ‘at great expense’ in order to transfer case loads.

An Andersens spokesman denied suggestions that it was in any way a reflection on the inability of the firm to field full-time members of staff, because there is a substantial team who are receivers of the operating companies.

‘Talbot understands the work. Both he and Murdoch have been involved in some very large projects before such as Maxwell. I think the appointment was a combination of their overall experience and specific knowledge of motor-related industries,’ he said.

Arthur Andersen is required to report to the creditors within three months.

Reality of Insolvency Bill may not live up to the hype

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer