Begbies' administrators save 35 jobs at solicitor firm

by Rachael Singh

More from this author

10 Aug 2012

  • Comments
begbies-logo

BEGBIES TRAYNOR ADMINISTRATORS have managed to save regional solicitor firm Eastleys Solicitors through a pre-pack sale.

Anthony Fanshawe and Francis Savage were appointed on 3 August when the firm ran into financial difficulties.

The administrators managed to sell the solicitor firm to limited liability company Recompense, which will save the entire workforce consisting of 33 employees and two partners.

Eastleys Solicitors, which has offices in Paignton and Brixham, had a turnover of about £1.2m in 2011 and specialises in private client work as well as property conveyancing and commercial litigation.

Fanshawe said: "While the business had run into financial difficulties, we wanted to ensure we secured the jobs of staff and put arrangements in place to enable what is a long-standing practice to continue to undertake its work.

"A sale-out of administration was the best solution for the business and for those working within the firm."

A pre-pack sale is where a business is marketed prior to entering an insolvency process and sold immediately after administrators' appointment. However, some institutes that regulate practitioners determine a pre-pack is any sale of a collapsed company that takes place within 7 days of it entering administration.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.