GTE creditors bring in second 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.

Further reading

Administrators launch fraud probe into GTE

story in The Daily Telegraph

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