Categories:Funds

Halliwells' administrators seek funds to cover £200m of debts

  • Print
  • Comments (34)

Readers' comments (34)

  • Really? That much? the sums involved are just ludicrous. I don't know how the partners that brought down that firm can sleep at night.

    Unsuitable or offensive? Report this comment

  • £5.5m owed to the taxman.
    Good work as ever HMRC!!!!

    Unsuitable or offensive? Report this comment

  • Surely the leases have all been forfeited and the landlords can now try to secure new and better covenants? Why would rent for unexpired terms be taken into account? If that is the case then clearly the landlords will be far better off than they otherwise would have been.

    Unsuitable or offensive? Report this comment

  • Really? The landlords are claiming that they won't be able to rent the propoerties to anyone else for the duration of the Halliwells lease(s). Nice bit of headlining.

    Unsuitable or offensive? Report this comment

  • Sleep at night? They probably can't. Taking money out of the business when debts were in the nine figures? Trading while insolvent? Personal liability?

    Unsuitable or offensive? Report this comment

  • I don't understand why the administrator is not disclaiming the lease.
    Would that not be the obvious way to reduce liabilities?

    Unsuitable or offensive? Report this comment

  • I hope the creditors pursue the former partners of this awful firm to end of the earth. It'is absolutely disgraceful that HMRC are owed such significant sums of money in these dire economic times. This money could be spent on a new hospital, cancer treatment and schools. Utterly despicable, that we should all suffer as a result of this diabolical state of affairs.

    Unsuitable or offensive? Report this comment

  • anonymous - because administrators can't disclaim a lease. only a liquidator can do that. when it goes into liquidation, then the liquidator will most likely disclaim the leases. at that point, the landlords can put in claims for rent to the end of the term, but there is a statutory discount for receiving it early.
    or not at all, by the look of it.

    Unsuitable or offensive? Report this comment

  • Blimey, this is nearly three times the firm’s last reported annual turnover. This must have been the most badly managed law firm in history! Time for partners to accept professional business managers to do the managing (not just paying lip-service to them), while they do the fee-earning.

    Unsuitable or offensive? Report this comment

  • Anonymous at 2:49 pm - administrators don't have the power is disclaim leases - only liquidators have that power.
    The landlords will not be in any rush to forfeit the leases unless and until they find a new tenant; if they took the leases back now the landlords would have to pick up the tab for the empty rates.
    I suspect that when new tenants are found the landlord will then accept a surrender of the lease from the administrator (which he does have power to do).

    Unsuitable or offensive? Report this comment

View results 10 per page | 20 per page | 50 per page

Have your say

Mandatory Required Fields

Mandatory

Comments that are in breach or potential breach of our terms and conditions in particular clause 8, may not be published or, if published, may subsequently be taken down. In addition we may remove any comment where a complaint is made in respect of it. These actions are at our sole discretion.

  • Print
  • Comments (34)