The company, which is audited by Enron-embattled firm Andersen, filed for Chapter 11 protection two weeks ago. Earlier this week it said it was cooperating with a separate U.S. Securities and Exchange Commission probe of allegations of improper accounting at the company.
A third independent investigation is also underway at the request of Andersen and its own audit committee. A special committe, and an outside accountant are currently examining allegations made by former employee Roy Olofson.
Global Crossing did not show Andersen a letter written last year by Olofson, the former vice president of finance, until last week – it claimed the company had inflated its earnings and cash flow to make its financial performance look better than it actually was.
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