A claim has been filed with the Hight Court by administrators against failed televsion broadcaster, Arena Television. The former directors, Robert Hopkinson, Richard Yeowart and another former director, are being sued by the administrators for breach of fiduciary duty amid various allegations of fraud.
Arena Television’s collapse was initiated when an auditor acting on behalf of a lender, attempted to verify serial numbers on company owned equipment used as security for loans; it was found that these serial numbers did not exist.
Arena Television is said to have borrowed £300m from lenders including HSBC, Close Brothers, Allied Irish Bank and Shawbrook and recoveries are likely to be small from the administration.
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