830 page MG Rover report details restructuring changes

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

An inquiry was set up by the Government after MG Rover went into administration on April 8 2005 owing creditors nearly £1.3 billion.

Gervase MacGregor and Guy Newey were appointed as inspectors under section 432 of the Companies Act 1985 and instructed to investigate the affairs of MG Rover Group, its parent company Phoenix Venture Holdings (PVH) and MGR Capital Limited between the purchase of MG Rover from BMW in May 2000 and the date of it entering administration.

The inspectors investigated the actions of the directors of PVH throughout their five-year ownership - particularly Peter Beale, John Edwards, Nick Stephenson and John Towers, known as the Phoenix Consortium.

As well as looking at the creation of the 33 separate companies throughout that period, the inspectors looked at the scale of financial rewards made to the directors and the events which led to administration itself.

This included the role of Government to secure bridging finance while take-over discussions took place with Chinese car manufacturers Shanghai Automotive (SAIC).

The inquiry studied the role played by professional advisers including auditors and corporate finance advisers Deloitte and lawyers Eversheds; aspects of corporate governance; and financial statements and audit arrangements including the transfer of assets.