Deloitte Makes £15 Million From Comet Liquidation

Big Four firm Deloitte has reaped the benefits of Comet’s downfall for the last six years, making a total of £15m in fees, Accountancy Age reported. This is despite the investigation into Deloitte’s conduct which may end in disciplinary action. According to The Times, the professional services business has made millions over the six years that it has been dealing with Comet’s liquidation, which occurred in 2012. It charged £10.2m to be administrator and £5m to be liquidator. The business then made an additional £1.4m when advising Opcapita, which backed Comet’s parent company, Hailey Acquisitions, before Comet went bust. Separately, Deloitte has been under investigation for four years over their liquidation of the now collapsed electronics giant. The Insolvency Service asked the ICAEW to investigate a possible conflict of interest. Insolvency partners Neville Khan, Christopher Farrington, and Nicholas Edwards were conflicted as administrators because of previous work advising the business. Read more