Administrators bill for Ferguson Marine insolvency runs up to £1.2m

The administrator’s bill for the insolvency of Ferguson Marine Engineering has reached £1.2 million. 

A report released by Big Four audit firm Deloitte has detailed the costs charged for its staff working on the insolvency of Ferguson Marine Engineering between August and February.

Deloitte said in its report that its staff had worked 1,775 hours at an average charge of £669.60 per hour. Work conducted by partners at the firm is charged at more than £1,000 per hour, The Times reports.

The shipbuilding firm went into administration in the summer last year after a long dispute between it and Caledonian Maritime Assets over a £97m contract to build two new ferries for the islands.

The company was taken into public ownership in December and the bill for the vessels has skyrocketed with current estimates suggesting it could reach as much as £250m.

Holyrood’s rural economy and connectivity committee is conducting an inquiry into the collapse of the Port Glasgow yard.

It is considered highly unlikely that Clyde Blowers Capital, the investment firm which owned the yard will get the £3m it is due.

It is possible that unsecured creditors will receive 9p for every £1 they were owed, but this remains uncertain until an update is released later this year.

Scottish law firm Shepherd & Wedderburn is due £187,000 for its work.

Related posts