GTE creditors bring in second liquidator
Angry creditors have forced Smith & Williamson to bring in competitor firm as liquidator
Angry creditors forced Smith & Williamson, the administrators of
collapsed broker Global Trader Europe (GTE), to bring in competitor accountancy
firm Grant Thornton as a joint liquidator.
At a heated meeting last Friday, the creditors voted to appoint Steve Akers
from Grant Thornton with a special brief to examine the conduct of GTE’s former
directors, The Daily Telegraph reports.
Akers will work with Smith & Williamson administrators Stephen Cork and
Joanne Milner when the administration of GTE is converted into a liquidation
over the next month or so.
GTE was forced into administration in mid-February after a single, unnamed
client racked up losses of close to £15m and was unable to meet margin calls.