Crumbling car manufacturer, MG Rover, will face a DTI investigation over the circumstances of its decline into administration after the Financial Reporting Review Panel last week raised a number of ‘questions’ it felt the department should consider.
Trade secretary Alan Johnson announced on Tuesday that he was ‘grateful’ to the FRRP for its initial investigation into the company’s accounts and that it ‘raises a number of questions that need to be answered’.
The inspectors appointed by the DTI are Gervase MacGregor, forensic accounting partner at BDO Stoy Hayward, and Guy Newey QC of Maitland Chambers, Lincolns Inn.
‘The public interest requires that the issues raised by the FRRP and developments after 2003 when the last accounts were published be investigated by independent investigators,’ said Johnson. ‘I have asked them to report to me as soon as possible and in a form which will enable the report to be made public.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children