All your resources at your fingertips.Learn More
In 1990 the textile manufacturer and fruit and vegetable supplier Polly Peck International plc collapsed with debts of £1.3bn. The collapse of the company led to it's chief executive, Mr Asil Nadir, fleeing the realm to Cyprus. He returned to face criminal charges on the 26 August 2010. The company's demise into administration led to a number of reported decisions, e.g.
As part of the administration of the company, PWC as administrators were able to sell off a considerable number of antiques which were located in the company's headquarters in Berkeley Square, London. One commentator has noted that, "The book value attributed to these was around £6 million, but upon later inspection and independent valuation the total sum was stated at approximately £2.5 to £3 million." The Muir Hunter Museum at KLS has acquired a copy of the auction catalogue from the auction. The catalogue is a lavish document which cost £20 at the time of publication. The items contained within its pages are stupendous. The company's board had a keen eye for a nice object.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...