Former Halliwells partners turn to Irwin Mitchell to fight BDO claims

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  • BDO might find it difficult to generate work from the Manchester legal market after this. Plenty of scope for their competitors to take advantage as many FSM's moved to large Manchester firms and whilst everybody thinks those who took the £20.4m are fair game, the FSM's were not even told about the reverse premium and received information from the equity partners which was at best misleading (and that is the polite way to describe it).
    Expect a long drawn out battle!

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  • That'll be another £10m the 32 former partners who took the reverse premium will have to pay then!

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  • Excellent, pursue those who were lied to and didn't receive any part of the reverse premium whilst leaving many of those who did to escape to successor firms where their overdrawn current and capital accounts were acquired for next to nothing. I'm sure the court approving these deals post administration was not told anything about the reverse premium transaction or that many of those court sanctioned preferences would directly benefit the very people who diverted 21.4m from the llp into their own pockets.
    This absolutely stinks

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  • Persecuting innocent victims like the FSMs in this situation is something the SRA do very well and I’m sure it won’t be long before they join the party.

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  • How ironic that those who took all that money from the landlord are to be reunited in order to fight the fsm's, administrators and likely the liquidator.
    Mission almost accomplished.

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  • The FSMs must be gunning for those who have put them in this position. Fancy 32 alleged commercial lawyers thinking it was a good idea to divert £20.1m out of the LLP and into their own coffers. How utterly inappropriate. I bet there are some interesting emails knocking around at about the time they were all cooking this up.

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