An independent two-day tribunal described the Big Four firm’s involvement in the case as ‘deeply troubling’ and that it failed to act in Silentnight’s interest and acted ‘diametrically opposed’ to them.

It also stated that the lack of objectivity between the parties went to the core of their relationship.

The tribunal, which took place in June 2021, fined former partner and head of KPMG Manchester Restructuring David Costley-Wood £500,000 and excluded him from membership of the ICAEW for 13 years. He was also banned from holding an insolvency licence for the same period.

KPMG was also severely reprimanded and was ordered to appoint an independent reviewer to conduct a root cause review into what happened, while the firm was fined £13m.