Taylor, who has just completed seven months as turnaround director for the
National Health Service, was
brought in last night by advisers Deloitte to run the company.
Iain Lynam a corporate recovery specialist at the firm, has also been
appointed to the Torex board with responsibility for managing any restructuring
of the business that may be needed.
Torex said last night: ‘The company confirms that it remains in dialogue with
its lenders, who continue to be supportive of the restructuring process.’
The appointments come after the former chief executive, Neil Mitchell, who
was asked to step down a week ago, lifted the lid on alleged financial
irregularities at Torex. He has handed SFO investigators five cases involving
allegations of false accounting, fraudulent transactions and money laundering.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements