Report comment

When this happens, it will be interesting to watch. The Yanks / (and the Southerners of course) are the the unchallenged world leaders in this. Just look at Enron.

If that's what they want to do over there, all well and good. But the trouble will start when they look over here.

When the first multi-national US-based ABS takes over in England and Wales and starts fabricating profits out of WIP, it will make Slater plus Gordon; Paribas and Quindell/Swindell/Swindle look like an A Level business studies coursework project.

Of course all the work will actually be deemed to be the use of the brand name and the case management system, both of which will be based in Bermuda, with a remote facility headquartered between Ireland and Luxembourg. Consequently they'll pay zero tax.

But no doubt we'll all have to foot the bill when the inevitable claims on the Compo fund come.