Halliwells’ client money fiasco haunts new owners

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  • So THATS why Barlows made up so many partners this year!!

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  • Will ex-Halliwells partners actually sell their holiday homes and pay some bills at last? the circus goes on...!!!! ha. ha

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  • I was under the impression (from reading The Lawyer, I might add) that the successor firms had "ring fenced" the old Halliwells elements in seperate entities (or at least BLG and Gateley had). Presumably then these liabilities are limited to the former Halliwells Partners rather than to the successor firms in general? Could The Lawyer shed some light on this?

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  • looks like Austin will have to sell one of his jags....

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  • So the SRA seems to finally be doing something about this shambles nearly a year since it occurred...

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  • Re Anon @ 5:04pm
    If the SRA actually do something then they'll strike off the partners who ran Halliwells using client money as working capital. That will hurt the successor businesses more than the loss of the c. £500k in issue.
    It seems a bit rich that HBJ is trying to claim the 'black hole' from the administrators ("ongoing contractual discussions") when the people at the heart of HBJ Manchester were in charge of Halliwells at the time the hole was created!

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  • Halliwells used client money to pay humungeous Partners' cars costs, running into hundreds of thousands of pounds.
    Has the return to "Ford Fiestas" humbled any of them....

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  • Didn't they do any due diligence?

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  • ref Foolhardy
    Of course not. One of the three deals was done in less than 10 days from 1st phone call to sign off. No due diligence was done.
    The two firms are "polar opposites" by way of culture.
    Its a farce, a tragic consequence of greed and desperation. Its also text book case study for "change management - how not to do it".

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  • The firm was not properly managed. It is obvious that it was not properly managed. Look at what they did. They took £17M out by way of reverse premium on the Spinningfields property and the firm crashed into administration under the weight of debt created by their actions.
    Ian Austin and Alec Craig were the managing and senior partners in control of the firm and they should be called to account.

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