Tuesday, 8 March 2011

Some insolvency items in the news - Greek administrations, the Argyle administration and practice sale

News reaches the blog that Plymouth Argyle have gone into administration "to avoid liquidation." The prospective petitioners are HMRC. In other news the Telegraph has reported that Ernst & Young are to be investigated for their conduct of the recent Wind Hellas (pictured) pre-pack administration. The pre-pack was the largest deal which has yet to be struck in the UK according to the story. The issue at stake in the investigation revolves around alleged conflicts of interest. The firm had been in a relationship with Wind Hellas for some time and the ICAEW note: "As you are a partner of E&Y there is, and there can be reasonably be seen to be, a threat to your objectivity in considering these matters." 

Finally, PWC are selling their personal insolvency business according to Accountancy Age. The story notes however that, "PwC will continue to take bankruptcy and other personal insolvency appointments. However, it will only work with high net worth individuals and larger complex cases in this field."

Picture Credit: http://www.windworld.org/wp-content/uploads/2010/05/wind_hellas270-b1.jpg

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