PracticeAccounting FirmsTXU 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.

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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