Mon, 12 Aug 2013 | ADMINISTRATION
RSM Tenon has been tasked with selling Challinors, a large solicitors firm situated in the Midlands.
RSM Tenon took over from KSA Group administrators at the start of August, and has received many expressions of interest from other law practices seeking to buy up all or part of Challinors.
Andrew Hosking, the national head of lender services at RMS Tenon, who is leading the administration process, wanted to deal with speculation that the administrators had broken solicitors’ practice rules by naming a list of clients of the firm in order to heighten interest in the sale.
He said it was “manifestly inaccurate to suggest we are bandying about clients names and details.”
All interested buyers have to sign a non-disclosure agreement before being able to view details regarding the business and sale. This data includes some “non-specific client information”, and Hosking was quick to add the regulator has been informed of this process.
“The Solicitors Regulation Authority is completely aware of how we are approaching this matter,” he added.
Challinors announced its move into administration on 24 July 2013, owing over £11 million to about 250 creditors, thought to include two clients that had lent a total of £650,000 to the business. It owes over £4 million to Allied Irish Bank and about £500,000 to HMRC.
Based in Birmingham, Challinors has offices in Wolverhampton, West Bromwich and Halesowen, employing a total of 200 staff.
Contact the administrator here
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