Tue, 14 Dec 2010 | ADMINISTRATION
A Sheffield-based law firm has fallen into administration following a downturn in business.
Ashton Morton Slack, which specialises in family and employment law, along with personal injury, serious fraud and property law, appointed BDO as administrators earlier this month.
Alongside a decline in new business coming in, the five-partner firm also felt the effects of increased overheads, which included wages for 67 staff.
Graham Newton and Dermot Power, BDO partners, are assisting the law firm in moving each client to alternative solicitors so that they will not be affected by the administration.
Mr Newton said, “A combination of a declining volume of business and increased overheads created a cash flow problem which was ultimately unsustainable for Ashton Morton Slack LLP.
“Our priority is to protect the interests of the firm’s clients by ensuring that they continue to receive appropriate legal representation with minimal disruption and to maximise asset realisations for the benefit of creditors,” he added.
Around half of the employees will be made redundant and the firm's Sheffield office, along with any other assets, will be sold in order to maximise the return for creditors.
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