Boom time for the bust man

What is the link between Woollams Moira Gaskin O’Malley, which went into receivership with debts of 900,000 last week, and the collapsed Bank of Credit & Commerce International, which went bust in 1991 with debts measured in the billions?

Both were popular and successful in their own worlds; both had glamour, bright reputations and apparently bright futures.

But it is not this that binds their destinies. It is that they share a receiver, Stephen Akers, appointed with Tony Houghton as the joint administrative receiver at WMGO.

Where Akers will find the time to attend to WMGO is a mystery. He is still based at BCCI Touche Ross, the body unravelling the affairs of the infamous bank.

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