A City firm has filed a notice to appoint administrators, citing ‘significant creditor pressure’.
Court documents show that Rosling King, which has around 50 staff working in its Square Mile office, filed its application last week.
In a statement, the firm said: ‘Rosling King has filed a notice of intention to appoint administrators due to significant creditor pressure on the firm which has become unmanageable in a situation where the firm is owed significant sums in unpaid fees that it is collecting.
‘The firm, supported by its advisers, [is] actively working to deliver a solution which we hope will see the completion of a transaction which will ensure the protection of all employees and all client matters and files. Negotiations are advanced in this regard, and we are hopeful that a transaction will be completed in the very short term.’
Rosling King advises financial institutions and the real estate, equity and construction sectors, declaring on its website it is a ‘law firm for the 21st century’.
Companies House records show the accounts for 2024/25 were due in March and are now overdue.
The most recent accounts show that as of March 2024 the headcount was 46, after the number of fee-earners had reduced from 42 to 30. Turnover in the 11-month period ending March 2024 was £11m, compared to the full year previously when turnover was £13.8m. Operating profit increased in the year from £1.4m to £2.1m.
It was reported in March that the firm had reached a settlement over claims by property developer Tonstate Group, which made allegations of professional negligence. In particular it was alleged that the firm did not offer any costs advice and did not carry out regular reviews of escalating costs during its instruction on a litigation from 2017 to 2019. Rosling King contested all the allegations and said in 2024: ‘We stand very firm in our belief that we advised and acted in our clients’ best interests at all times.’
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