Lawyer wants liquidation for Accident Group
The solicitor representing former employees of The Accident Group has called for the immediate liquidation of the personal injury business.
Bryan Slater, representing the Trade Union Congress, said administrators PwC were wasting money keeping the group in administration, according to the FT
‘The cost of running the administration is far too high in relation to the size of the assets,’ Slater said.
PwC said its fees had been agreed by the creditors.
Preferential creditors, including the Inland Revenue, are set to share just £1.2m of assets, while unsecured creditors will most likely receive nothing.
Last week, at a meeting of creditors, it was decided to keep the company in administration.
The Accident Group collapsed after its parent company, The Amulet Group, ran out of money to pay its employees’ wages and after it failed to secure financing from HBOS.
PwC is also administrators the Amulet Group.