Ex-Deacons partners oppose action

BANKRUPTCY proceedings against the 11 equity partners of collapsed Liverpool firm Deacon Goldrein Green, were adjourned last week until 17 January.

Proceedings were issued by practice loans business NSW and supported by Frizzells Banking Services. The hearing of a winding up petition against the firm, also issued by NWS and Frizzells, was also adjourned to the same date.

Ex-partners David Deacon and Patricia Reynolds, who left before the October collapse, are understood to have instructed Wigan sole practitioner Marshall Ronald, with the aim of opposing the individual petitions.

Proceedings against individuals would put the affair into the hands of the Official Receiver. A trustee in bankruptcy appointed by the Official Receiver would investigate their affairs, report to creditors, and seize individuals' assets to be distributed among creditors.

The winding up petition puts the business into liquidation and allows creditors to be heard on how the assets will be distributed.

The crashed firm's bank, The Royal Bank of Scotland, has security over the individual partners' homes and offices. However, it is understood to be liaising with the unsecured creditors and has not opposed the bankruptcy petition.