By Mark Kleinman, City Editor
Former directors of Phones 4U, the mobile phone retailer which collapsed earlier this year with the loss of thousands of jobs, face a probe into their conduct led by one of America's top law firms.
Sky News has learnt that Quinn Emanuel Urquhart and Sullivan, which has been appointed by the chain's administrator, will also examine the conduct of two mobile phone networks which severed their ties with Phones 4U in the weeks leading to its demise.
The appointment of Quinn Emanuel by PricewaterhouseCoopers (PwC) could lead to legal action against former bosses if there is deemed to be a legitimate claim against them for breaching their fiduciary duties as company directors.
PwC is understood to have appointed the law firm late last week, although progress in assessing any action against former directors or suppliers is likely to be painstaking.
There is not thought to be any evidence at this stage that the directors of Phones 4U neglected their obligations under companies law.
Among the former directors were two representatives of BC Partners, the private equity firm which owned the retailer at the time of its collapse.
Phones 4U fell into administration in September after EE, the chain's last remaining network partner, informed it that it would not be renewing their distribution agreement. Vodafone had terminated its own deal with Phones 4U just weeks earlier.
Bondholders owed hundreds of millions of pounds were furious at the nature of the collapse, arguing that administrators should have been called in earlier in order to conserve cash, while John Caudwell, Phones 4U's founder, accused the mobile networks of "ruthless" behaviour.
After PwC's appointment, Vodafone, EE and Dixons Carphone struck deals to acquire various Phones 4U assets, preserving more than 2,000 jobs, but close to 3,000 employees have been made redundant and several hundred shops have been closed.
Approximately 520 staff continued to work at Phones4U last month on the wind-down of the company's operations.
Sky News revealed in September that Vodafone had held brief talks about a takeover of Phones 4U just two months before it pulled the plug on their relationship.
Documents seen by Sky News show that, on 8 July, while discussions were taking place about extending Vodafone's distribution contract with Phones 4U, the mobile network's UK executives made a presentation to group colleagues entitled "Phones 4U - Partner of Choice".
Several weeks later, Vodafone notified Phones 4U that it would not be renewing their agreement, while no further talks about a takeover of the company were held.
The networks denied attempting to profiteer from the retailer's collapse.
A PwC spokesman confirmed Quinn Emanuel's appointment, which adds to the ranks of leading law firms involved in one of the biggest UK company collapses of the year.
Brown Rudnick, another firm, was appointed by a group of bondholders, while Allen & Overy worked for PwC on potential claims.
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