Barclays is one of several secured and unsecured creditors set to lose more than £30m after the collapse of the European arm of King & Wood Mallesons, an administrator’s report reveals.
The report, sent by administrators Quantuma to a list of creditors, shows that creditors are set to lose £33.5m.
The report says £37m is owed in total, but only £3.5m was available at 17 January – around the time that the firm, previously SJ Berwin, fell into administration.
Barclays, which is listed as having both secured and unsecured debt, has £13m of unsecured debt.
Of the unsecured creditors, £6.8m is owed to trade creditors. Former members of the LLP are also still owed £12.6m.
The report states that Quantuma has recovered £6.7m from sales of parts of the business to other City firms including DLA Piper, Reed Smith and Greenberg Traurig. Costs of the administration amount to £1.6m, leaving about £5.02m for Barclays.
In late January, the Gazette reported that KWM had established a new business in London to retain a ‘strategic presence’ in the UK, Europe and the Middle East.
The new business, based in Octagon Point in the St Paul’s area, will focus on corporate M&A, finance, competition and dispute resolution. Seven partners will be based in London.
Speaking to the Gazette after the firm’s collapse former partners said there was a history of poor management decisions.
All of the firm’s current trainees managed to find new roles ahead of the collapse.