The Times reported a source close to the company as claiming the costs associated with the bankruptcy were much higher than first thought following massive bills from lawyers, accountants and consultants.
KPMG, MCI’s auditor, and Deloitte, which provided support to the company’s finance department were both paid well, the source told The Times.
During 2003, MCI spent $800m on professional services fees, and is believed to have spent between $200m and $300m this year.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children