Insolvency practitioners raise eyebrows over Andersen’s choice for 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.

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