Wed, 23 Oct 2013 | ADMINISTRATION
Law firm Taylor Legal has been placed into administration and its caseload bought by Burton & Burton.
The personal injury and payment protection insurance firm Taylor Legal, based in Crewe, Cheshire, was taken in hand by David Wilson of DJW Associates on 14 October after it failed to secure the professional indemnity insurance (PII) it needed to continue practising.
Nottingham practice Burton & Burton Solicitors then stepped in to purchase Taylor Legal’s workload (3,000 live files), while the company has been closed down with six redundancies. The deal includes the transferral of about 100 personal injury files and 2,700 payment protection insurance cases.
The Law Society Gazette confirmed that 219 firms failed to get the necessary insurance by the deadline at the beginning of October. Since then 30 have obtained PII.
Law companies get 90 days cover from their old insurer while they search for a new policy, and those who can’t find cover in this time frame are forced to close. A firm can operate as normal for the first 30 days into this period, but can only work on existing instructions after this point.
London-based law firms Harris Cartier and Manches have already been sold off after being placed into administration this month, with more companies in this scenario expected.
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Related information:
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