Fri, 23 Aug 2013 | ADMINISTRATION
Administrators from RSM Tenon have sold portions of embattled solicitors firm Challinors to its rivals.
A large part of Challinors’ operations have been sold to various law firms including Clarke Willmott and Shoosmiths, while Liverpool-based SGI Legal took on its personal injury caseload this week.
Challinors had filed its intention to bring in KSA to act as its administrator in July, before RSM Tenon (which was bought in a pre-pack deal by Baker Tilly yesterday) stepped in as a replacement in August.
Andrew Hosking and Simon Bonney from RSM Tenon were officially brought in as the administrators on 21 August.
Marketing for the law firm reaped 13 firm offers made for parts of the business. Attempts to sell the business as a whole, under the specified time pressures, were not successful.
Challinors had been issued a statutory demand by a creditor shortly before its move into administration. It owes a total of £11.4 million to 250 creditors, including over £4 million to Allied Irish Bank.
Games designer Cosmic Concepts had taken Challinors’ 14 partners to court over an alleged repayment of a £250,000 loan. Private investor Dharmendar Khag is also thought to be resorting to legal action over the £400,000 the firm owes him.
The administrators made 46 staff redundant, who have for the most part been able to secure new positions with the purchasing firms.
__________________________________________________________________________
Related information:
Challinors solicitors firm for sale
Profit from buying a distressed business
A highly rated fencing solutions business located in Leeds, and specialising in the supply and installation of security fencing, barriers and automation systems. They provide a comprehensive turn-key services, including complimentary site surveys, te...
Located in Birmingham, the company is a premium used car dealership with a history dating back to 2013. The company's core business activities revolve around the sale of high-value, high-margin vehicles, with 80% of its sales comprising BMW, Audi, an...
LEASEHOLD
Provider of solar photovoltaic (PV) solutions, providing an end-to-end service comprising solar panel design, supply, installation, maintenance & cleaning. Established in 2009 and headquartered in Wales, the company is an award-winning provider of su...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.