Appointed Administrators to Eastleys Solicitors, a £1.2 million turnover practice that specialises in private client work, as well as property conveyancing, civil and commercial litigation, and family and children work.
On appointment our team immediately managed the closure and run-down of the practice and consulted and received sanction from the SRA throughout the process.
A sale out of Administration was the best solution. The PI and PPI divisions of the business were sold in two pre-pack transactions and the remaining divisions were marketed for sale on the open market and subsequently sold to Recompense, with all jobs retained.
A small regulated practice based in Crewe, with two managing partners and 12 employees. The practice specialising in personal injury cases as primary income stream, as well as financial mis-selling, probate law and conveyancing.
Debt levels were £533,000 on our appointment as Administrators. The business was sold as a going concern via a pre-pack Administration to Taylor Legal Limited, including all employees.
Appointed LPA Receivers to Chapman & Co Solicitors, a sole practitioner specialising in personal injury and PPI claims. Debt on appointment was £400,000. We were consulted by the secured lender for advice in relation to the optimum method to protect their position in addition to preserving client confidentiality and the continuation of client cases. The strategy deployed was to act as receivers to collect the monies due under the lender’s fixed charge security held over all client cases and distribute the monies to the secured lender.
Appointed Administrators to Keypoint Law LLP, a firm specialising in personal injury cases. Our corporate finance team were originally engaged to carry out a targeted marketing process to facilitate a sale as a going concern, however, no purchaser could be found. A business review was then undertaken that highlighted the LLP was under cash pressure and was experiencing a decline in fee income. The sale of the business and certain assets were sold to “Mysolicitor.com” pursuant to a pre-pack transaction completed simultaneously with the Administration order.
Fox Hayes LLP, a Leeds based property conveyancing practice, sold its traditional commercial and private client business employing around 40 staff to another practice.
The deal did not include the Fox Hayes’ volume conveyancing business. Following this, the practice experienced problems when a major provider of remortgage work reduced its panel of legal firms and withdrew its current instructions of about 3,550.
Our team of Administrators was successful in pre-packing the sale of the remaining practice to a number of other firms, preserving a proportion of jobs and ensuring that the interests of the firm’s clients were looked after on an ongoing basis.
The business was a charity with the principal objective of providing legal services to low income individuals and families in its geographical area. Principal funding sources were the Legal Services Commission and a grant from the city council. Difficulties occurred due to the new Legal Aid provision whereby there was a revision of what areas of law would in the future be funded by Legal Aid. This impacted the centre, together with management issues being a contributing factor. A CVL was entered into, transferring remaining files to other solicitors in order to ensure continuity for clients.
16th September 2019
There was around a 25 per cent increase in the number of restaurant businesses entering insolvency over the course of the year to June 2019, according to the latest figures on the subject.Read More