Independent Business Review of Solicitors’ Practice

Service(s): Personal Insolvency & Advisory Services
Sector: Professional services

Philip Watkins and Charles Turner were appointed by the partners of a regional solicitors’ practice following an introduction by its bankers. This significant regional partnership practice had built up substantial bank debt and incurred historic losses, primarily as a result of unsuccessful acquisitions. 

Even though it was now trading profitably, the practice was too highly geared and needed to reach an agreement on the way forward with its key creditors or face insolvency proceedings. Because it was a traditional partnership, the partners were personally liable for the debts and, indeed, the position of certain former partners had to be taken into account. 

Following a full review of the business, discussions were entered into with the bank and the partners which led to new arrangements being entered into with the bank and the restructuring of the practice as a Limited Liability Partnership (LLP) as the future trading entity. 

Arrangements had to be reached with the future members of the LLP and Charles advised on the personal position of all the partners to enable the bank to agree the way forward. 

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