Jessica Fino 26 Nov 2018 02:40pm

PwC calls in help for Phones 4u administration

PwC’s administration team overseeing the collapse of Phones 4u has been joined by insolvency expert Paul Copley

PwC said Copley will be responsible for “assessing the merits of any potential claim” and determining whether or not to pursue legal action.

Copley, who is a charted accountant, worked at PwC as an insolvency practitioner from 1996 until 2016. He was made partner in 2009 and was joint administrator of Lehman Brothers from 2008 to 2014.

The Big Four firm, which was appointed Phones 4u’s administrator in 2014, said Copley has joined the team as a concurrent administrator, which means he has a specific brief of work to perform.

The remaining three administrators - Ian Green, Robert Moran, and David Kelly - will focus on other aspects of the administration.

PwC’s administration work at Phones 4u could lead to its loss of Vodafone as an audit client, following concerns this could be a conflict of interest.

The firm has also lost BT as a client in the wake of an accounting scandal in Italy, which saw the company’s market value dive almost 20% – ending a 30-year relationship.

After leaving PwC two years ago, Copley became chief executive officer at Icelandic investment bank Kaupthing. He is also a non-executive director at the Co-op Bank and managing director and owner of Aldan Management.