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.
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