More than three years after the company collapsed, the pension fund is still in limbo and the future of the pensioners still in question.
Former staff have not been paid and creditors are being told they may not get anything. Upon hearing the news, one Courts creditor said: “I don’t believe it. It is outrageous. They needed less than that to keep it going.”
Courts’ administrator KPMG has charged£23.7 million in fees and expenses. The accountant’s UK office has billed for 55,353 hours of work, so far collecting£18.5 million in fees. Other KPMG divisions and advisers have also been paid large sums, taking the total to approximately£35m.
KPMG partner Chris Laverty said: “This was an incredibly complex administration, involving global corporate finance transactions. There were numerous complications.”