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Cable calls for Comet inquiry

The Business Department confirmed that Vince Cable has called an investigation into Comet in a bid to find out why the firm ended up going out of business and the circumstances around the purchase of the company by a private equity firm last year.

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Comet collapse leaves £50m bill

The government will take a £50m hit from the collapse of Comet, in the form of unpaid tax and redundancy costs, reports the Guardian.

The true extent of Comet's financial picture will be published today Credit: Max Nash/PA Wire

The report will also disclose that unsecured creditors, including HM Revenue & Customs, which is owed £26.1 million, will receive nothing.

Secured creditors, such as the backers of Comet's parent company Hailey Acquisitions, will get payments of just under £50 million.

However, the Sunday Telegraph said this represented a shortfall of £95 million on the amount owed at the time of the collapse of the 236 store chain in early November.

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