Furniture group administors run up £40m fees bill

07/01/2008 - 14:58:26
Advisers to failed home furnishings group Courts have run up more than £40m (€53.5m) in fees, documents revealed today.

Administrator KPMG has collected nearly £17m (€22.7m) so far – including thousands of hours for partners billed at £600 (€804m) per hour.

Official documents lodged by the accountant show that some of the 2,500 staff at the former retailer, which collapsed with debts of more than £280m (€375m) in November 2004, have also yet to be paid and that most unsecured creditors are likely to get nothing.