The law firm King & Wood Mallesons (KWM) LLP has gone into administration, appointing corporate recovery and restructuring specialists at Quantuma.
Andy Hosking and Sean Bucknall have been appointed Joint Administrators at the High Court in London this afternoon (Tuesday).
Separately King & Wood Mallesons EUME Services, which holds the employees, has gone into administration too. The Joint Administrators are Mr Hosking, Mr Bucknall, Simon Bonney and Carl Jackson.
KWM confirmed prior to Christmas it had filed a notice of intention to appoint administrators in order to continue to explore options, promising “to work to ensure the best possible outcome for clients and staff”.
Mr Hosking said: “We are examining the position closely and exploring ways forward with a view to achieving the best possible return for creditors.
“Quantuma’s considerable experience in dealing with professional practices and the distressed legal market, has meant that we have been able to deliver extra value for the benefit of creditors, successfully renegotiating commercial terms with numerous purchasers.”
Mr Hosking continued: “Regrettably there will be redundancies but at this stage it is still too early to specify how many. A small number of employees will be retained for a period to help with the administration.”
A helpdesk has been set up for any party with enquiries, contact numbers are 0207 1115409, 0207 1115771 and 0207 111 5772.
Samantha Palmer of Ashfords LLP has been instructed by the Joint Administrators to act as the appointed solicitor manager to deal with client monies and to ensure that client interests are protected. The Administrators are being co-advised by Rita Lowe of CMS Cameron McKenna and Steven Cottee of Pinsent Masons.
KWM has offices in London and Cambridge while in the rest of Europe there is a presence in Belgium, France, Germany, Italy, Luxembourg, and Spain.
The wider global network, which is not in administration, takes in Asia Pacific, the Middle East and North America.
Sectors include agribusiness and food, automotive, consumer & retail, financial institutions, government & public, healthcare & pharmaceuticals, industrials, private equity, projects/energy/resources, real estate & construction, and telecommunications, media, entertainment and technology.
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Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton and Bristol.