Penningtons gets its Man(ches)

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Readers' comments (8)

  • Pre-packs with partners earning even at the level they were leaves a very bad taste and will backfire on all of us with banks less likely to lend and other credit much tighter. Its not a frivelous matter

    First Dawson now Manches, it really is becoming a home for the pennyless!

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  • It seems to me that 'pre-pack' and 'professional' are mutually exclusive.

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  • New branding

    Pennyless Mancheese

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  • You have to be insolvent to go into administration. Under the new Statement of Insolvency Practice 16, the Administrators will have to tell creditors within 7 days what happened, so we'll know more next week about what really happened. Presumably this was one of the 30 firms in the top 200 that the SRA was worried about?

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  • It seems amazing to me that the newly formed Firm of Penningtons Manches can seriously expect Clients to pay good money for its legal advice when half the Firm (viz. the former Manches) has clearly been so utterly incompetent in the management of its own financial affairs.

    Surely, the last thing that the former Partners of Manches are competent of peddling is decent legal advice?

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  • Turnover Vanity. Profit Sanity. Bad management Insanity - Why were those people steering the ship ? They were obviously bad business people. I will tell you where I'm at. For these reasons I am OUT !

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  • As noted there is a significant degree of risk of contagion between collapses such as this, Cobbets, Challinors, Halliwells and the wider profession.

    I do not think it unreasonable to suggest that this was a liquidity (or the lack thereof) precipitated insolvency event and as such it would do no end of good for the new entity to publically say that the creditors of Manches will be paid in full.

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  • Will the Manches Administration figures be better for creditors than the £4,270 cash for current liabilities of over £9.9 million (0.0430%) in its last accounts?

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