BDO demands return of cash from ex-Halliwells partners

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  • financial penalties aren't enough for these wide boys

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  • now call me a cynic (hears chorus) but couldn't this just be a ploy by the administrators to ramp up their fees?

    Now corp law isn't my thing but I can imagine this being a bit harder to deal with than a rear end shunt.

    Asking for £20m is easier than receiving it.

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  • re Anon at 12h04
    You are a cynic.
    BDO have a very reputation, stop smearing them with filth. Focus your cynicism on the Ex Halliwells Partners - they deserve it.

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  • Oh to be in Gateley's board room......

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  • Wasn't there an earlier report in The Lawyer that four ex partners in Halliwells guaranteed the rent on their offices, and were being sued for it. As I recall, an application for summary judgement was starting on 20th June.............................

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  • The problem the ex-Halliwells partners have in defending the transaction is the failure to ensure that the partners receiving the funds were locked in to the business. I don't see how they can successfully defend this transaction as a result of this.
    There have been rumours about the then FD receiving a payment from the reverse premium. It would be interesting to learn whether this was the case and if so whether the administrator will be pursuing him.

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  • “The letter invites mediation in relation to a transaction entered into more than six years ago ..."
    "As an incentive for the firm to take the lease it was given part of the building’s freehold, which it then sold to Allied London in 2007."
    How is 2007 more than six years ago? Is Mr Waldie speaking from the future?
    I think we should be told.

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  • Ref rural bliss above; they bought the building off plan and agreed the deal a couple of years prior to completion, the payment being made once the lease completed following completion of the building.

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  • All in all a very harsh reaction I think. The freehold was an asset to the partnership as an incentive as part of the move. An asset that they were entitled to sell (again, as part of the LLP). Mediate it to the hills boys – you were given a very lucrative asset, and one which was exercised at the top of the market, Fair game! As for giving it back...... thats business BDO, would you?

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  • public flogging in spinningfields - any votes?

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