Chelsea liquidator is removed

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The Independent Online
CHRISTOPHER MORRIS, a partner at Touche Ross and one of the City's top insolvency practitioners, was yesterday removed as the liquidator to Chelsea Football and Athletic Club (CFAC), the company that used to own the assets and players' registrations of Chelsea FC.

Mr Morris was appointed last May by the Official Receiver on behalf of SB Properties, a property company claiming it was owed pounds 6m. Chelsea's chairman, Ken Bates, who has since transfered the assets of CFAC to another company, Chelsea Village, contested the appointment.

Mr Justice Blackburn said in the High Court that he was satisfied SB Properties had abandoned its claim against CFAC in December 1992 and was wrong to make a further claim in the liquidation now.

Chelsea, which is a large creditor of CFAC, can now appoint a liquidator of its choice to oversee the affairs of CFAC, whose other creditors include Customs and Excise and the Inland Revenue.

Touche Ross, the liquidator of BCCI, was criticised by depositors in the failed bank who said they had still received no money. The BCCI Depositors' Protection Association said a new dollars 1.8bn compensation plan agreed to by Touche Ross may be no better than previous agreements.

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