Torex, which is under investigation by the Serious Fraud Office, has had its
assets purchased and the main holding company has entered into administration.
Cerberus has purchased the business for more than £200m. Secured creditors
were expected to get paid as part of the deal, but Torex’s unsecured creditors –
who are owed £60m – will not be paid.
KPMG partner Richard Heis is administrator for the Torex holding company.
Torex has previously suffered accounting irregularities.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season