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Mediation between former Halliwells partners and the failed firm’s liquidators has been adjourned after proceedings kicked off in April this year.
Attempts to reach an agreement between 32 ex-partners and liquidators Dermot Power and Shay Bannon at BDO have been going on since spring at the London offices of Addleshaw Goddard (23 April 2012).
A source close to the talks said the sessions had been put on hold until January next year, with no restart date fixed.
The mediation is being overseen by Quadrant Chambers’ Michel Kallipetis QC, a former head of Littleton Chambers.
David Douglas, chief executive of the Independent Mediators group of which Kallipetis is a member, confirmed that the proceedings had been adjourned, but declined to comment further.
It is unclear whether the location of the talks has changed.
Among the key issues at stake are the return of a £20.4m windfall received by the firm’s equity partners following a reverse premium deal with the firm’s Manchester office landlord Allied London (17 June 2011).
The mediation comes alongside a High Court battle between a group of former fixed-share partners and the liquidators, who are trying to recover drawings.
The firm collapsed in July 2010, appointing Power and Bannon as administrators (1 August 2010).