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    TXU administrators to earn £30m each

    TXU administrators to earn £30m each

    Ernst & Young and KPMG, the administrators of collapsed energy giant TXU Europe, are set to earn £30m each once all their work is completed.

    Author Date published August 31, 2004 Categories

    Link: KPMG and E&Y appointed to revive TXU

    The two firms have been sorting out the mess at TXU since it collapsed nearly two years ago and have already been paid combined fees of £35m, the Daily Telegraph said.

    Many creditors, though, are still waiting for their money.

    A TXU Europe Group document shows that in the six months to May 18, Ernst & Young netted £3.9m, KPMG picked up £3.6m and lawyers Herbert Smith received £2.2m

    KPMG, Ernst & Young and Herbert Smith do not comment on fees.

    The total fees bill is expected to total £85m.

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