Accountancy Age have reported that:
KPMG has charged £23.7m in fees and expenses to Courts, the collapsed furniture retailer. The majority of the fees have been earned by the accountant's UK office which has, to date, billed for 55,353 hours of work, collecting £18.5m.
That's £334 an hour.
Chris Laverty, a KPMG partner said:
This was an incredibly complex administration, involving global corporate finance transactions. There were numerous complications.
My guess is that counting the profit made must have been the biggest problem they faced. This fee level cannot be justified.
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Have pity on the firm. Ther has to be a global effort to recoup the $456 fine for criminal tax evasion (http://www.usdoj.gov/opa/pr/2005/August/05_ag_433.html).