Skip to main content

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.

Click here to sign up to Retail Gazette‘s free daily email newsletter

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



from Retail Gazette https://ift.tt/3aQCKhA
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more