BDO receives extension as Halliwells administrators

BDO receives extension as Halliwells administrators

Dermot Power and Shay Bannon receive extension as administrators to collapsed law firm Halliwells

BDO ADMINISTRATORS have been given a six month extension to their work at collapsed law firm Halliwells.

Usually an administration will last around 12 months however, joint-administrators Dermot Power and Shay Bannon have been given an extension of six months, Accountancy Age’s sister publication LegalWeek reports.

The announcement comes just weeks after the revelation that unsecured creditors, including the taxman, will receive a share of around £600,000, despite claims totalling about £191.5m

Landlords make up the largest portion of unsecured creditors with a debt of £176.5m, with HM Revenue & Customs the next largest with around £4.3m owed in taxes and nearly £1.2m in VAT.

According to a creditor report published in July, BDO has so far run up fees of £1.06m for 5,013 hours of work, at an average rate of £212.69 per hour.

Last month the administrators launched a High Court claim against a group of former Halliwells partners, to recover more than £21m from properties previously owned and sold by the law firm.

BDO hopes to place the company into a creditors voluntary liquidation in the next six months.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource