KPMG to liquidate Dome
KPMG will become the liquidator of the New Millennium Experience Company, owner of the ill-fated Millennium Dome, once the company's final accounts are released in December.
KPMG will become the liquidator of the New Millennium Experience Company, owner of the ill-fated Millennium Dome, once the company's final accounts are released in December.
It is believed that the accounts will show a significant repayment of lottery funding and creditors will be paid in full. Richard Heis and Steve Treharne from KPMG are standing by to handle the liquidation, bringing to a close one of the most embarrassing episodes for the Labour government, although there is still no news on the disposal of the Millennium Dome itself.
A spokesman for the NMEC said: ‘It was always the intention to pass control of the company to liquidators before the end of December’. Back in July the NMEC said it expected to be able to give back £19.5m of lottery funds, and the spokesman said the situation had since improved.
KPMG is one of the few large accountancy firms not to have any conflicts of interest at the Dome; Ernst & Young is NMEC’s auditor, PricewaterhouseCoopers authored a damning report commissioned by David James, the company doctor drafted in to rescue the attraction, while Deloitte & Touche reviewed the original over-optimistic visitor predictions for the Millennium Dome – though the final total fell some 1.5 million visitors short of Deloittes’ own worst case scenario of eight million visitors.
KPMG declined to comment on the appointment.
Links
Minister admits to Dome solvency error
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article