Garretts partners could get all their capital back

Partners at defunct firm Garretts are likely to get back most of their capital, according to the most recent estimates.
The firm, which dissolved on 10 June, turned over £37m in 2000/01. Figures for this financial year are not yet finalised, but it is understood that Garretts - which began its financial year in September - would have billed in the region of £28m in nine months.
Former Andersen Legal senior partner Tony Williams told The Lawyer: "Because of the arrangements with Andersen, Garretts didn't have a landlord as such, so we had to sort out national insurance, PAYE and partners' capital. The projection at the moment is that we'd be very disappointed if we didn't manage a full recovery of capital.
"By the middle of May it was reasonably obvious that we were going to [be okay]. We were doing balance sheets and each version was getting better and better."
During the Andersen collapse it was feared that partners would lose much of their investment, but a relatively small number of redundancies has alleviated their financial situation. Williams said that out of a total staff of the collapsed firm, there were some 60 redundancies. "The vast majority of those were in support roles," he said.