BusinessBusiness RecoveryKroll under pressure from FM collapse

Kroll under pressure from FM collapse

Kroll Buchler Phillips has been forced to seek High Court approval to extend a deadline for creditors' meetings after struggling to deal with the massive number of people and organisations owed money after the collapse of car parts giant Federal Mogul.

Kroll is looking to complete their creditors’ meetings for Federal Mogul by the end of February, after obtaining the extension.

The firm, which was appointed to the mammoth liquidation at the end of last year, had to ask for an extension after the creditors’ meeting deadline of 90 days ran out in January.

Kroll must find buyers for the US manufacturer’s 133 businesses and come to an arrangement with its creditors before the end of February.

The huge Federal Mogul liquidation has singlehandedly skewed UK administration figures. Kroll is bolstering its team, including naming a former PricewaterhouseCoopers partner to lead its Leeds office.

Kroll partner Gary Squires, joint administrator of Federal Mogul, said: ‘We will continue to work to find a solution to their difficulties through the group’s restructuring, but we are at an early stage of this administration and the issues involved are both complex and sensitive.’

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