ICSM Business – Legal Sector Insolvency News: law firm hit by massive out of court settlement calls in administrators after deciding it couldn’t repay bank loans
By Harry Mottram: It often comes as a surprise to many in business to hear that lawyers and accountants, and other perceived financially well-off professional firms can go bust. They do and always have done with the latest one of Woodwards Law Limited based in Wigan placed in administration. Incorporated in 2012 the firm specialised in road traffic collision claims but switched since 2015 to claims over illness and holiday sickness which led them into difficulties over issues related to proving the burden of proof in some cases that racked up outside professional fees.
As doctors and barristers began chasing up unpaid invoices the firm appointed Steven Wiseglass of Inquesta Corporate Recovery as administrator of Wigan-based personal injury firm Woodwards Law on 19 December. Ian Carrotte of ICSM - the business membership group dedicated to fighting bad debts and late payers with many members involved in the legal, financial and accounting sectors – said: “It is interesting in this case that invoices that have been written off were once again being chased up underlines the issue of giving up on unpaid invoices. ICSM will always take up the challenge of pursuing overdue accounts – and we offer a micro debt for those smaller amounts that are often written off due to the potential cost of seeking their settlement.”
Writing in the website Insolvency Insider, the editor and journalist Dina Kovacevic reported on what the administrator’s notes: “The report also states that the firm had secured additional financing from Natwest Bank and White Oak, but that the directors felt it was inappropriate to proceed given the prospect of not being able to pay back the loans.”
Companies House currently says on its website that the legal firm have an outstanding charge from the National Westminster Bank plc from 2016.
Below are a list of some recent casualties:
ACCOUNTANTS, BANKS, FINANCE, LAWYERS AND PROFESSIONAL
ADMINISTRATORS APPOINTED
HIGH STREET SOLICITORS LTD 07015260
INSPIRATIONAL FINANCIAL MANAGEMENT LTD 03539537
COMPULSORY LIQUIDATOR APPOINTED
RPW LEGAL LIMITED 11525608
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
HILLFORT LAW FIRM LTD 10159389
QUANDRANCE FINANCE LTD 11522989
ST PAUL'S SOLICITORS LIMITED 08905122
THE TAX & ACCOUNTS WALK-IN CENTRE LIMITED 08355742
CVL LIQUIDATORS APPOINTED
GARDNER ACCOUNTANCY SERVICES LIMITED 07064388
GRANGE CIVIL ENGINEERING LIMITED 12046647
THE PERSONAL FINANCE CENTRE LTD 08687040
UK LEGAL SOLUTIONS LIMITED 13749807
VPS LEGAL SERVICES LTD 11458976
MEMBERS VOLUNTARY LIQUIDATIONS
AAA FINANCIAL MANAGEMENT LIMITED 07315603
BARON SAFETY INVESTMENTS LIMITED 13081969
BIBURY LEGAL CONSULTING LIMITED 13633147
CLIFTON FUNDING LIMITED 13908844
CONGER FINANCE LIMITED 09010354
DOODLE HEALTH LTD 12100340
FLUENT FINANCE LIMITED 05978751
GLOBAL TREASURY ADVISORY LTD 13806568
LEAP CAPITAL LIMITED 12479595
NORTHERN ROCK LIMITED 08120214
PSYCHOLOGY4LAW LIMITED 04462985
TRADED ENDOWMENT POLICIES LTD 03587729
VIRGIN MONEY MANAGEMENT SERVICES LIMITED 03072772
WEALTH DEVELOPMENT LIMITED 03947652
WOODCHESTER FUNDING LIMITED 12997646
PETITIONS DISMISSED
LGCS (SOUTHERN) LIMITED 06393972
THE BRICKWORK GROUP LIMITED 10190839
PETITIONS TO WIND UP
HYDRASYST INVESTMENTS UK LIMITED 10357326
LEGAL ASSIST LTD 10541906
THE ACCOUNTANCY & TAX CENTRE LTD 06498436
SECRETARY OF STATE LIQUIDATION APPOINTMENT
FIND INVEST GROW LIMITED 06803069
PAYROLL & PENSION SERVICES (PPS UMBRELLA COMPANY) LTD 10692978
SEA CASK LTD 14133720
WINDING UP ORDERS
A&A FINANCIAL CONSULTANCY LIMITED 11732304
ALPHA SHIPPING FINANCE LIMITED 09038203
LB CAPITAL ADVISORY PARTNERS LIMITED 08727162
LEGAL FORCE LIMITED 09193397
REAL ESTATE LAW LIMITED 06370710
XINGLI CAPITAL LIMITED 13039197
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ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
