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There have been many great and deep mysteries in the world of insolvency, but none as puzzling and peculiar as that of the Wrekin ruby. The Baker Street irregulars, aka Ernst & Young, have long since got to the bottom of this three pipe problem. Now the essence of the mystery has also been solved, i.e. what is the ruby actually worth? The BBC are reporting that the gem has been sold for £8,000. This is somewhat short of the original £11,000,000 valuation, but at least the creditors will get something!
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...