Feeds

DTI denies Boo probe

Incompetence is no crime

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

The DTI has denied allegations that it is to rake failed e-tailer Boo.com over the coals.

The Department of Trade and Industry has taken the rare step of denying a report on thisismoney.com, which stated that the failure of the sportswear e-tailer was to be probed by the government office.

The article first appeared in the Financial Mail on Sunday on 18 June. Thisismoney, the Mail's online newservice, ran with the story which claimed: "Accountancy group KMPG, which acted as receiver for boo.com, is believed to have already submitted a detailed report on the collapse to the DTI.

"The probe is likely to be conducted under Section 447 of the Companies Act, which allows the DTI confidentially to investigate the affairs of a company and report back, to recommend a full inquiry or propose sanctions such as banning of directors."

However, the DTI and KPMG both say that's bunkum - the only reports submitted have been "standard procedure", and KPMG is still acting as provisional liquidator. What's more, section 447 can only be undertaken if a company is "live", with the intention of shutting it down if something is amiss, according to the DTI.

The story, which said there was no suggestion that any directors would face a criminal investigation, had today been removed from the thisismoney.com site.

A court hearing for Boo will take place on 28 June, where the official receiver - KPMG is likely to keep the job - will be appointed. ®

Related Stories

T-Online plays poker over Freeserve tax bill
Boo.com - it lives!
Boo assets go for a song

Secure remote control for conventional and virtual desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.