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.’

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor