Halliwells’ client money fiasco haunts new owners

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  • The successor firms agreed to pay down the Halliwells partners lost capital. The deal was approved by the court and presumably the SRA.
    The deal was based upon the amount of converted wip and the collection of unpaid invoices.
    The temptation to apply money received in a manner which would maximise the reduction of lost capital is there for all to see.
    If the ex Halliwells partners have redirected monies paid by clients in anticipation of such monies being used to pay counsel etc then it is likely that such conduct will have taken place both before and after the successor firms purchased the Halliwells assets.
    We do not of course know whether all of the successor firms are affected by this. We do not know whether they were even aware of what may have been going on.
    The SRA seems to be suggesting that there is a level of culpability but until we hear what the successor firms have to say we do not know whether there is any justification for pursuing them.

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