BusinessBusiness RecoveryKPMG set to wind up Dome

KPMG set to wind up Dome

Big Five firm KPMG is set to become the liquidator for the New Millennium Experience Company, owner of the ill-fated Dome, in December.

The appointment will be officially confirmed on the day the company produces its final set of accounts, which will reveal a significant repayment of Lottery funds and show that creditors are to be paid in full.

Richard Heis and Steve Traherne from KPMG are standing by to handle the wind up, which will bring to a close one of the most embarrassing episodes for the Labour government, though there is still no news on the disposal of the Dome itself.

A spokesman for the NMEC confirmed the move, saying the time had come to wind up the company.

‘It was always the intention to pass control of the company to liquidators before the end of December,’ he said.

The spokesman added that there would be more than sufficient funds to pay creditors.

Back in July the NMEC said it was expecting to be able to give back Pounds 19.5m of Lottery funds, and the spokesman confirmed the situation had improved since then.

KPMG declined to comment on the appointment.

Links

Minister admits to Dome solvency error

Dome FD takes Pounds 300k chief role

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