The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
John Verrill, Vice President of insolvency professionals association R3 has slammed the UKs high street banks for failing to apply a Privy Council ruling that says they should pay out millions to key creditors of insolvent companies, including former employees.
Speaking at the Future of Corporate Rescue Culture conference last week, Verril said, "Banks are in denial about preferential creditors claims to funds and theyre causing a stalemate. We currently have liquidators holding the cash to which both banks and preferential creditors are laying claim. While the banks are putting pressure on insolvency practitioners to pay them money owed, the Inland Revenue and Customs and Excise have said if the money is paid to the banks, they will hold insolvency practitioners personally accountable."
He continued, "Insolvency practitioners are caught between a rock and hard place. There is an atmosphere of menace, a refusal by the banks to confront reality, and a refusal by the preferential creditors to surrender the cash to the banks up to £200 million may be at stake."
Verrill estimates around £200m is being wrongly withheld by the banks following the Privy Councils judgment in the Brumark case.