Bevan Brittan partner Iain Miller is advising the SRA on the fallout of Cobbetts’ demise after the firm today confirmed that it plans to call in the administrators (30 January 2013).
Miller, who is featured in The Lawyer Hot 100, also advised the regulator on the collapse of Halliwells and Dewey & LeBoeuf.
The SRA confirmed that it has been working with Cobbetts “for some time” to ensure client protection once the firm called in the administrators. A statement from the firm read: “We’ve reluctantly concluded that the appropriate course at this time is for the firm to obtain the protection of an interim statutory moratorium to enable a sale of the business and assets of the firm to be concluded in a short time frame.”
The regulator said its main objective was to ensure maximum client protection while the firm looked to resolve its financial problems.
The regulator said it would be following the administration closely.
Executive director Samantha Barrass said: “The central focus for our work with Cobbetts has been and remains the protection of client interests, including client money, competent continuance of client business, effective client communication and resolution of any confidentiality and conflict of interest issues which may arise.
“The primary responsibility for the protection of clients’ interests remains the firm’s and, as relevant, the other key parties involved, but we have powers to intervene directly if clients’ interests cannot be protected. The best solution for clients though is an orderly wind down, which we hope will be delivered in this case.”