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By Paul Lashmar |
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August 25, 2002 |
FURY OVER IMPERIAL OFFSHOOT'S SECRET SALE:
ACCOUNTANTS ARE BLASTED AFTER BOSSES BUY COLLAPSED FINANCIAL SERVICES
FIRM IN ASTONISHING' DEAL. |
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Intro: |
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One of Britain's leading accountancy
firms, Pannell Kerr Forster (PKF), has come under attack from victims of the
Imperial Consolidated collapse, for selling a subsidiary back to its own
directors. Creditors of Imperial say PKF's decision was
"astonishing".
Mirfield Financial Services, which was set up in 1979, specialised in high
-interest, low-value, shorter-term loans to people on low incomes. It was a
successful and well-regarded company when Imperial Consolidated bought it in
early 2000. As reported by The Independent on Sunday a year ago, the new
management's controversial methods brought it into legal conflict with rival
credit companies. |
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Excerpt: |
Criticism has also come from the
Miami-based Offshore Alert newsletter, which has closely monitored Imperial
over the last two years.
Publisher David Marchant said yesterday: "I find it astonishing that the
directors of Mirfield Financial Services, who bankrupted a 21-year-old
successful company within two years of Imperial buying it, can apply for
administration without informing the major creditor." |
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