The actions of financial experts in the lead up to the collapse of Christmas hamper firm Farepak are to be officially investigated. The Accountancy Investigation and Discipline Board (AIDB) said the probe will include examination of the company's 2005 accounts. Dan Martin reports.
The accountancy regulator revealed that the decision to launch an investigation was taken following consultation with the Institute of Chartered Accountants of England and Wales and the Chartered Institute of Management Accountants.
No names of specific individuals or organisations were disclosed.
The closure of Farepak, which was audited by Ernst & Young, was triggered when Halifax Bank of Scotland refused to accept a new borrowing plan and halted a large overdraft provided to parent company European Home Re...