MG Rover Inspectors Open Door to Action Against the Phoenix Four - Just British
West Midlands car industry activists are poring over the fine detail of the government report into the collapse of MG Rover to establish whether there are grounds to bring a civil action against the so-called Phoenix Four, the executives who bought the car company from BMW for £10 in May 2000. MG Rover watchers are said to be angry at the extent to which the Phoenix Four benefited personally while overseeing the demise of Britain’s last volume car manufacturer. They believe the report, compiled after a four-year investigation by two government inspectors, has opened the door to civil action. “Company law on fiduciary responsibility is complex and unclear,” said Nick Matthews, an academic at Coventry University and car industry analyst for 15 years. “The inspectors agree that it is uncertain, particularly in respect of the deal to buy MGR Capital. [...]