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Former Halliwells fixed share partners are seeking legal advice with a view to suing the firm’s ex-equity partners.
One former fixed share partner pointed to “material evidence” of the firm’s minimum cashflow being “overstated” in emails from the equity partners to the fixed share partners, with the information allegedly being used as the basis for getting non-equity partners to invest in the business.
“The whole history of people being told things and then finding out it wasn’t so was widespread,” the partner told The Lawyer. “There were many versions of the truth. There was material evidence [of this but] it’s locked down in the computer system. You could go through the courts and get hold of it.”
Another former partner commented: “We’re certainly going to get independent advice, if somebody else tells us we’ve got a decent case we’ll look at obtaining the documents through the courts. I think it’s highly likely there will be litigation.”
They added: “If it came to it we’d have 50 to 100 claimants, I think it’s inevitable that you’d have a group litigation order. For a lot of people it depends on how much we end up losing.”
It is thought that the former fixed share partners are waiting to see whether Halliwells’ former landlords, who are among the failed firm’s biggest creditors, will pursue a claim before launching legal action themselves.