Solicitor Bankruptcy

Quantuma appointed to lead a solicitor bankruptcy.

Overview:

  • Debtor was solicitor in sole practice with 3 fee-earners
  • Poor accounting & management – Solicitors Regulation Authority (SRA) ready to close down

Investment:

  • Medical services & Counsel – £320K
  • HMRC – £177K

Overview:

  • Quantuma asked by ABL for medical reporters to intervene in attempted IVA
  • IVA proposal did not address WIP hence rejection advised
  • WIP sold and a realised ca of £300K with recovery of medical reports costs and counsel’s fees being repaid
  • The return to unsecured creditors higher was higher than it would have been in an IVA

 

For more information on Bankruptcy, please click here