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.
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.