Accident Group enters liquidation

A winding up order was made on Thursday last week and Paul Stanley of Begbies Traynor and Michael Horrocks of PricewaterhouseCoopers were appointed joint liquidators.

Begbies Traynor said the administration had fulfilled its purpose by enabling a more advantageous realisation of the company’s assets.

Stanley, who will investigate the cause of the Accident Group’s collapse, said: ‘We will be investigating whether there is any evidence of “wrongful trading” prior to the collapse or whether any dividends that were paid out before the business failed were incorrectly paid.’

The investigation is expected to last around four months and up to 30 key individuals will be interviewed.

In May 2003 the Accident Group gained notoriety after it sacked many of its 2,500 staff by text message when it was put into administration.

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