Administration Case Studies

• Small/ Medium High Street Law Firm

Small/ Medium High Street Law Firm

The principle solicitor of the law firm invested into setting up his new law firm and invested the majority of his personal savings into setting up the business. He became increasingly worried as he realized the firm was not performing satisfactorily and in an attempt to overcome the problem he continued to invest more capital into his business. He had a number of hire purchase agreements in place and a number of other outstanding debts. It became apparent that he would not be able to continue trading and repay his debts as he was not making sufficient profit to meet overheads.

We advised that the best option would be to undertake a voluntarily company liquidation. The firm ceased trading and as there were no longer any outgoing payments to the creditors, it allowed sufficient money to build up to cover the costs incurred from the voluntary liquidation after which a small sum was paid to the creditors.

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Links to other pages within expresstaxsolutions.com which are related to Administration:

• Administration & Liquidation
• Administration FAQ's