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Interserve shows debts of £100m-plus

UK-based outsourcing, support services and construction group Interserve went into administration in March this year with debts of more than £100m. A statement of affairs as at 29 April 2019 was filed by the company’s administrators from EY with Companies House on 5 June. It shows the firm with secured creditors being owed some £55.4m and unsecured creditors being owed £50.5m.

Interserve’s assets are estimated to be worth around £27.5m. The business was sold in a pre-pack deal shortly after it went into administration.  

Among the largest unsecured creditors were Grant Thornton (GT), owed £675,000, PWC, owed £493,000, and Deloitte, owed £122,000. GT had been Interserve’s auditor for five years.

The Financial Reporting Council (FRC) began an investigation into the audits by GT of Interserve’s financial statements for the years 2015, 2016 and 2017.The investigation is being conducted under the Audit Enforcement Procedure.

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