BusinessBusiness RecoveryPKF awarded fees for Super Aguri F1 administration

PKF awarded fees for Super Aguri F1 administration

PKF partners have been awarded fees for insolvency work on Super Aguri Formula One, more than two years after they were succeeded by liquidators.

PKF partners have been awarded fees for their role as administrator to Super Aguri Formula One, after a two-year battle.

The three joint administrators were replaced by liquidators from BDO, who were instructed by largest creditor Honda to object to the remuneration package.

Joint administrators Philip Long, Brian Hamblin and Ian Gould were awarded £241,843 in fees, following a High Court ruling by Mr Registrar Jaques. The sum represents approximately 95% of their total claim.

The trio were appointed administrators on 6 May 2008. At a creditor meeting later that year Honda appointed BDO as liquidators. The liquidators, on instruction from Honda, objected to the PKF administration fees.

The PKF partners applied to the courts in 2009 to pursue their funds, and the case was heard in February this year.

Long, head of corporate recovery at PKF, said: “Throughout the administration we acted professionally and in the interests of all creditors. The judgement supports our actions and we are extremely pleased with the result.”

Mr Jacques said in his judgment the insolvency was not a “standard administration” as it was high profile, complex and difficult.

He added that the administration was “properly managed by professional administrators”.

 

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