Thursday, 5 May 2011

New Museum Item: Polly Peck International plc auction catalogue

In 1990 the textile manufacturer and fruit and vegetable supplier Polly Peck International plc collapsed with debts of £1.3bn. The collapse of the company led to it's chief executive, Mr Asil Nadir (pictured), fleeing the realm to Cyprus. He returned to face criminal charges on the 26 August 2010. The company's demise into administration led to a number of reported decisions, e.g.

- Polly Peck International PLC (in administration) v Nadir [2006] EWHC 3727 (Ch).
- Polly Peck International Plc (In Administration) v Henry [1999] 1 B.C.L.C 407; [1998] O.P.L.R. 323; Times, December 16, 1998.
- Polly Peck International Plc (In Administration) (No.5), [1998] 3 All E.R. 812; [1998] 2 B.C.L.C. 185; Times, May 18, 1998; Independent, May 13, 1998.
- Polly Peck International Plc (In Administration) (No.5) [1997] 2 B.C.L.C. 630; (1997) 94(1) L.S.G. 23; (1997) 141 S.J.L.B. 21; [1996] N.P.C. 176.
- Polly Peck International Plc (In Administration) (No.4) [1996] 2 All E.R. 433; [1996] B.C.C. 486; [1996] 1 B.C.L.C. 428
- Re Polly Peck International Plc (In Administration) (No.3) [1993] B.C.C. 890; [1994] 1 B.C.L.C. 574
Polly Peck International Plc v Citibank NA [1994] I.L.Pr. 71; Times, October 20, 1993
- Polly Peck International Plc v Nadir (No.4) [1993] B.C.C. 886; [1994] 1 B.C.L.C. 661
- Polly Peck International Plc v Nadir (No.3), 17 March 1993, Times, March 22, 1993; Independent, March 31, 1993
- Polly Peck International Ex. P the joint administrators [1994] B.C.C. 15  
- Polly Peck International Plc v Nadir (Asil) (No.2) [1992] 4 All E.R. 769; [1992] 2 Lloyd's Rep 238; [1993] B.C.L.C. 187.
- Re Polly Peck International Plc (In Administration) (No.2),  [1992] B.C.L.C. 1025; Independent, May 18, 1992
- Re Polly Peck International Plc (In Administration) (No.1) [1991] B.C.C. 503


As part of the administration of the company, PWC as administrators were able to sell off a considerable number of antiques which were located in the company's headquarters in Berkeley Square, London. One commentator has noted that, "The book value attributed to these was around £6 million, but upon later inspection and independent valuation the total sum was stated at approximately £2.5 to £3 million." The Muir Hunter Museum at KLS has acquired a copy of the auction catalogue from the auction. The catalogue is a lavish document which cost £20 at the time of publication. The items contained within its pages are stupendous. The company's board had a keen eye for a nice object. 

Picture Credit: http://i.telegraph.co.uk/multimedia/archive/01703/AsilNadir_1703288c.jpg

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