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A former Cobbetts partner reportedly owed £365,000 by the failed firm has been appointed to the defunct Manchester outfit’s creditors’ committee.
Gowlings energy, resources and equity capital markets partner Andrew Wright, who joined the Canadian firm’s London base from Cobbetts in March 2012, is one of five members of the committee, whose make-up was revealed in Companies House filings this week.
The other members are law firm funder Wesleyan Key Business Finance, IT finance provider Syscap, equipment leasing specialist Close Leasing and Dublin-based life assurance group New Ireland Assurance.
The Times reported earlier this month that Wright and energy, infrastructure and mining partner Charles Bond were owed £365,000 and £150,000 respectively in capital and profit shares.
The duo, both of whom joined Gowlings last March, threatened to sue their former partners, claiming in an open letter that they had been, “punished for leaving a firm where we worked night and day”, according the The Times.
The administrators’ proposals - unveiled several weeks ago (4 April 2013) - were approved alongside the formation of the committee at a creditors’ meeting at Manchester’s Freemasons Hall on 10 April, with the KPMG administrators’ filing confirming 5 February 2014 as the automatic end date for the administration.
The report states nearly £700,000 owed to former firm members who resigned before 1 May 2012 out of total estimated liabilities of £91.6m.
Cobbetts was bought by DWF in a pre-pack deal in February after falling into administration (6 February 2013).