BusinessBusiness RecoveryPwC seeks Independent commissions

PwC seeks Independent commissions

PricewaterhouseCoopers, the liquidators of collapsed Independent Insurance, has found itself in conflict with insurance brokers after demanding the return of old commissions.

The news emerges at the same time as indications that legal action by creditors of Independent could begin early next year with signs that it might still involve claims against the auditors KPMG.

PwC is reported as pursuing all commissions relating to premiums returned as a result of policies being cancelled after Independent became insolvent.

Brokers are understood to have formed a group, with the help of lawyers, to fight the claim.

Meanwhile evidence is being gathered by lawyers representing creditors battling to recover some of the losses resulting from the collapse of Independent.

Reports say the claims, planned for early 2002, will target those who can afford to pay, a statement which fails to rule out action against KPMG.

Links

KPMG faces probe over Independent audit

KPMG in investors’ backlash

JDS to probe Independent auditors

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

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor