Deloitte makes £500,000 from Tenon administration
You might also be interested in
I’m a specialist business journalist and have a particular interest in tax and technology.
Replies (6)
Please login or register to join the discussion.
missed the point?
Well as one esteemed poster to this site wrote recently "you get what you pay for"
Insolvency is highly regulated with stiff personal consequences for a practitioner who may make a minor technical error that has no discernible effect to creditors. Hence more highly qualified / experienced staff doing the work.
I'm no Deloitte apologist, but I wonder if one of the smaller firms with lower rates would have achieved the same outcome?
By definition insolvency means someone doesn't get paid (and thinks it's unfair, even though they [ought to] know the rules)
- so it's more amazing that there was criticism that the shareholders received no money (they're at the back of the queue and their equity is lost first) when there are creditors of various classes going without.
Perhaps Gilbert and Sullivan's Utopia Limited ( or The Flowers of Progress) should be taught at school?
Ex Tenon - Partners in Baker Tilly ....
Why have any of those associated with Tenon become partners etc. in Baker Tilly. Are the very same people who were in charge of Tenon at the time it went down; if so why are they even allowed to practice in the future, let alone allowed to be partners in another firm - reward for failure?
http://www.bakertilly.co.uk/media/news/Baker-Tilly-announces-new-Partner...
Baker Tilly has announced the promotion of nine Partners and 11 Directors, across a number of service lines and regions.
The move follows Baker Tilly’s acquisition of RSM Tenon in September, making the newly-merged firm the seventh largest accountancy firm in the UK with annual revenues of £350m, and over 4,000 partners and staff working across more than 50 offices.
The new promotions, which became effective from 1 October, are a combination of Baker Tilly and former RSM Tenon staff.
Deloitte
This just wreaks of accountants looking after their own.
It will do the profession no favours at all.
As for the ex RSM partners ploughing their trade again in Baker Tilley it is immoral and needs to be taken as a sample case by ICEAW and other bodies and examined as to whether tighter regulations are required.
I myself am ex Deloitte and indeed one senior partner is a close friend. Only last week did I discuss fees with him and this matter was discussed as he has an oversight on these matters as a compliance partner. Let me say he is horrified by the fees and would rather Deloitte not be involved as in his eyes they can be seen to be compliant with Baker Tilley agreeing to allow past RSM partners to continue in a trade which they themselves have have taken advantage of - insolvency.
Sorry but in my view fish goes rotten from the head down and those fish are now at Baker Tilley.
Administrators' Fees
Average charge out across all grades £500+ and that's an average. These people are massively overpaid...truly scandalous. A monkey could do most of the legwork...shows you how greed can take over when cartels exist and nobody questions the bill. Makes bankers look respectable.