Legal fees amounted to £295m as of September 2013 so will be higher by the time that administrators PwC close the business down. The business was well capitalised so is now in the relatively unusual position of leaving a surplus after all creditors have been paid. But legal costs will go up as decisions are made on how to divide the surplus. A PwC statement said: 'The allocation of the surplus to be shared out remains uncertain because of matters which are the subject of disputes being argued in the UK courts. Alongside the legal proceedings PwC is also developing a consensual solution proposal to put to creditors, in the near future.' Source: Financial Times
Email your news and story ideas to: [email protected]
