Administrators Run Up £1.2 Million Bill on Ferguson Insolvency

The administrators of a shipbuilding company bought by the Scottish government are owed £1.2 million, The Times reported. A report by Deloitte shows the costs charged for its staff working on the insolvency of Ferguson Marine Engineering between August and February. Ferguson went into administration in the summer after a long dispute between it and Caledonian Maritime Assets over a £97 million contract to build two new ferries for the islands. Ferguson was taken into public hands in December and the bill for the vessels has soared with estimates suggesting it could reach £250 million. Holyrood’s rural economy and connectivity committee is conducting an inquiry into the collapse of the Port Glasgow yard. Read more