ICAEW chief executive Michael lzza has been appointed by the Treasury to chair the panel to pick an independent valuer for Northern Rock. The appointment will be made by Treasury ministers on the recommendation of the panel. Meanwhile, the new Northern Rock board is looking into the possibility of taking legal action against the bank's former administration. Legal firm Freshfields is examining whether there are grounds for legal action against the previous board for their conduct surrounding the near-collapse of the bank last year.
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