Cattles the sub-prime lender, still battling to recover after an accounting
scandal has just announced that a writedown of £555m is almost £200m worse than
a statement to the City, Cattles’ said the £555m writedown, announced on 25
Noverber 2009 was an unaudited figure, subject to change.
Sifting through the books after being appointed as auditors in place of PwC,
Grant Thornton recommended a number of adjustments.
“These included a further increase in impairment provisions as well as
certain other provisions as at 31 December 2008 and in respect of prior years,”
“The revised audited loss before taxation for 2008 amounts to £745.2m.
To compound the situation the company also warned of “a significant loss for
the year ended December 31, 2009.”
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies