Halliwells LLP faces administration: Hill Dickinson poised to take over its assets from BDO's Dermot Power as administrator. It is likely that there will be office closures and significant job losses.
Manchester based law firm Halliwells fails and faces administration owing RBS circa £20m.
I spoke at a R3 Conference series last autumn which examined Partnership insolvency. KSA was one of the first turnaround firms to propose a CVA for a Limited Liability Partnership law firm based in the south east.
That case was interesting for many of the same reasons as above: high secured debt to Barclays in this instance, property problems with too many expensive offices, too many people and falling sales.
See a case study here for a CVA for a LLP firm of solicitors