More NewsPolly Peck administrators see little concern in Nadir’s return

Polly Peck administrators see little concern in Nadir's return

Administrators from PwC don't expect Asil Nadir's return to affect their work on paying out a final dividend to creditors

Polly Peck administrators don’t expect to become embroiled in the return of
Asil Nadir to UK shores.

PwC’s Tony Kett, joint administrator of Polly Peck International, said
Nadir’s return was not expected to have any direct implications for the
administration.

“The administrators do not anticipate having any involvement with his
criminal prosecution which is an entirely separate matter from the
administration proceedings”.

Kett expects a final dividend will be paid to creditors during the course of
2011.

Administrators from Coopers & Lybrand and its incorporated insolvency
practice Cork Gully were appointed in October 1990 to Polly Peck. The collapsed
business had around £1.2bn in debts at the time.

Two administrators, Richard Stone and Michael Jordan, were found guilty of
misconduct by the ICAEW over conflicts of interest issues.

Further reading:

Administrator
confirms Crystal Palace’s exit from administration

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