The wait for full financial information relating to the demise of MG Rover
continued this week, with Phoenix Venture Holdings still withholding its
Phoenix’s accounts were due to be filed at the end of January, with sources
close to Rover’s holding company saying the numbers would be at Companies House
Deloitte, the company’s auditor, was reported to be looking closely at some
details in the figures.A spokeswoman reiterated this week that there were
‘matters to be dealt with’.
Phoenix faces late filing penalties for the delay, though at only £100 for
the first three months, the cost will not worry directors unduly.
The company’s accounts for 2004 have been eagerly awaited, in the expectation
that they may shed some light on Rover’s financial problems and on alleged
They are also likely to reveal how much Deloitte has received for its audit
work on the group, and some information on the remuneration of directors, the
so-called ‘Phoenix Four’.
Deloitte is currently under investigation by the AIDB over its audit work on
ToverThe car group’s demise has proved a bonanza for major firms. KPMG,
PricewaterhouseCoopers, Ernst & Young and BDO Stoy Hayward have all worked
on the collapse of the Midlands car outfit.
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
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
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies