The subject of fees was taken to court by the liquidators who took on the role of handling the Luxembourg-based company from the administrators in 2009.

'Club mentality'

Instructions were made over the phone, with no back-up documentation and invoices were paid 'without any real or adequate challenge', according to the claim. While Slaughters was not forced to have its invoices assessed, Mr Registrar Jones said that the perception created of the connection was of a 'club mentality'. As well as the way the fees were paid, another issue highlighted by the registrar was that the appointment of Slaughters came through a personal relationship. The Registrar said: 'Those factors create an unsavoury tang which permeates through to the stage when very substantial invoices are subsequently agreed without deduction.' Slaughters 'could not be reached for comment', according to The Lawyer.