Categories:Funds

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

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  • 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.

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

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  • 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.

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  • 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.

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  • 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?

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

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  • 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.

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  • 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.

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  • 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.

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  • 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).

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  • It has been known to happen that admins keep significant creditors onside by making noises about their admitted claim if said creditors happened to sit on a committee that approves said admins drawings for remuneration. But obviously not here.
    Landlords have also been known to hide behind rates and other voids by leaving the lease in the bust vehicle until re-let. But obviously not here either. It would be inappropriate to suggest that here. So I am not.

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  • How much did Robert Maxwell go down owing?

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  • Whether or not the unexpired portion of the lease can or cannot be counted it is very clear that the partners of what turned out to be a moribund organisation in management terms should have to carry the equivalent of a 'health warning'. Surely no first rate firm would have taken a Halliwells partner to thier bosom without first checking their credentials. Or would they?

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  • What's the SRA up to? zzzzzzzzzzzzzzzz

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  • Ian Austin, take a bow son, take a bow

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  • I bid £12.50 for the next Iggy Pop concert at Wembley.

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  • It will be interesting to know if any PGs have been given by any "partners" at Halliwells and if it is likely anyone will be subsequently be made bankrupt as a consequence. When Fox Hayes went down the tubes Steven Coupland was made bankrupt shortly after so it can not be ruled out.
    Any inside information !

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  • The anonymous post at 4:23 pm on 15 February had me rolling on the floor with laughter!
    Like me, you're obviously a lawyer with experience of such things that never happen. Unlike me, you're a talented comedy writer. Have you thought about giving up the day job?

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  • So which firm is next to go down the tubes?

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  • He's still Chair of Audit at Salford....

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