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Comet administrator Deloitte faces £1m fine

// Comet administrator Deloitte has been hit with a fine of £1m
// The firm and two of its partners have agreed to pay the fine
// Comet fell into administration in the run-up to the Christmas trading period in 2012

The administrators to Comet, Deloitte has reportedly been hit with a fine of £1 million by the accountancy watchdog.

The Big 4 accountancy firm and two of its partners who oversaw Comet’s administration in 2012, have agreed to pay the fine, Sky News reported.

They will also be given formal reprimands by the Institute of Chartered Accountants in England and Wales (ICAEW), although the two partners – believed to be Neville Kahn and Christopher Farrington – will not be banned.

The ICAEW, which can sanction accountants, reportedly found that Deloitte did not take adequate steps to ensure that its previous work advising Comet’s owners did not present a conflict of interest.

Comet, the electrical goods retailer, fell into administration in the run-up to the Christmas trading period in 2012.

It closed the last of its stores in December of 2012, leaving debts of over £230 million to unsecured creditors, including HM Revenue and Customs (HMRC), unpaid.

Its demise cost more than 6000 jobs, and became one of the biggest high street casualties of the decade – alongside the likes of BHS, Toys R Us UK and Maplin.

At the time, Deloitte charged at least £15 million in fees in its roles as administrator and then liquidator.

Deloitte has also agreed to pay the ICAEW’s costs of nearly £1 million in addition to the fine.

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The post Comet administrator Deloitte faces £1m fine appeared first on Retail Gazette.



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