EY must give four weeks notice of UK breakup to NMC Health’s administrators due to $2.7 billion claim
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Another obstacle has appeared for EY’s breakup proposal after a London High Court judge told the firm’s UK arm it must give notice of four weeks to NMC Health’s administrators on whether a split will go ahead.
This is to allow Alvarez & Marsal, the administrators of now collapsed hospital group NMC Health, to assess whether the separation would impact EY’s ability to pay a potential $2.7 billion (c. £2.21bn) legal award in the ongoing lawsuit against the company.
Alvarez & Marsal are pursuing the $2.7bn legal claim against EY UK, who was auditor of NMC Health, for alleging the big four firm failed to voice concerns before it failed in 2020 amid allegations of fraud, The Financial Times reports.
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