Amidst allegations of fraud, a compulsory winding-up order was made against Barlow Clowes Gilt Managers Limited on 6th July 1988. Liquidators were appointed on 11 August 1988. But by November 2000, the insolvency had still not been finailised. The liquidators have so far collected £1,771,916.70 (plus VAT) in fees. They also collected £272,414.20 for acting as special managers for the period July 1988 to August 1988.

No regulator has ever explained why the insolvency is taking so long to finalise. But then they are there to support accountancy firms, not to check them.