RegulationAccounting StandardsLaw firm Hextalls sold through pre-pack

Law firm Hextalls sold through pre-pack

Insolvent law firm sold back to some of its partners

Administrators from Begbies Traynor have implemented one of the first
pre-packs on a law firm.

Hextalls LLP entered into a pre-packaged administration, which saw a number
of its partners buy the business.

Hextalls has faced cash flow difficulties and problems with historic debt,
according to sister publication
Legal
Week
.

Lawyers from LG also advised on the deal.

‘A pre-pack administration is a particularly useful tool for restructuring
law firms, as the speed of the transaction avoids the need for intervention by
the Law Society, and helps ensure clients’ needs are met and will also benefit
creditors,’ said LG partner Steven Cottee.

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