34 jobs were lost, however most employees have been transferred to nearby firms, leaving just seven members of staff to oversee the administration process. Hilliers had already given on-going work to other local firms by the time FRP Advisory was appointed administrator on the 9th December.
The firm requested an extended Professional Indemnity Insurance period from the end of October and were allowed to continue working with existing clients but not take on any new contracts. However, Hilliers were unable to get cover ahead of the 29th December deadline, therefore chose to appoint administrators.
According to the SRA, 185 firms have requested extended Professional Indemnity cover before the deadline, revealing that 153 firms would go bust if they could not secure cover by the 29th December. In its first year of new PII regulations, many firms may have to close after the deadline.
If your firm is struggling with high PII premiums and you need legal and insolvency advice, call Grant Jones on 07815 873370.