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Thursday, 22 July 2010

Halliwells LLP carved up in pre-pack administration

Halliwells the north west law firm was broken up in a pre-pack administration process this week. The pre-pack process was used to sell its assets to Hill Dickinson, HBJ Gateley Wareing and Barlow Lyde & Gilbert.

A property deal which saw Halliwells' equity partners share around £17m, was not the sole reason for the law firm's demise, joint administrator Dermot Power of BDO Manchester has said.

This is one of the first large failures of an LLP law firm, it owed around £17m to RBS. See here for a case study for a company voluntary arrangement for a south east based law firm

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