Categories:Business Tax,Tax

Manches: Life after debt

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  • Many of the previous articles on the rather sad and sudden demise of Manches, have been followed up by rather unattractive and and extremely critical comments. At a time when precarious financial position of many law firms was highlighted at the SRA board meeting in June when it emerged that around 30 of the top 200 law firms had entered "intensive engagement" with the SRA over financial difficulties, and with 238 firms having failed to secure indemnity insurance cover by 1 October, those solicitors who have been so quick to criticise should perhaps reflect on the adage "there but for the grace of G-d, go I".

    The former Manches partners should be congratulated for staying together, for placing the needs of their clients first and for coming up with a solution which helped to avoid a potentially devastating SRA intervention.

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  • Do you really think the they have placed the needs of their clients first?

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  • It is very clear that the Penningtons Manches deal was, to a very large extent, client driven. For many years its family department was the jewel in the Manches crown. The clients of that department, and indeed Manches as a whole, were provided with an outcome which provided them with a seamless transition to a firm which has a highly respected private client and family team.

    A pre-pack is a mechanism which is only possible after negotiating the terms of a restructuring with major stakeholders, including the firms bankers & the SRA. Given the difficulties facing Manches, a pre-pack was appropriate as it allows those entering the deal to come up with creative solutions in order to preserve value to creditors and clients as well as the obvious advantages of saving jobs and avoiding the costs and damage that can so often accompany an intervention. In a pre-pack deal clients are protected as files are automatically transferred.

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  • I read this article in disbelief. How on earth can Penningtons turn this around?

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