Midlands firm Challinors today issued a ‘business as usual’ notice despite ongoing efforts to prepare for the sale of the practice.
The firm, with five offices across the west and east Midlands, last week filed notice of its intention to appoint an administrator.
A draft statement of affairs prepared in June revealed the firm owes more than £11.2m to over 250 creditors.
In a statement, senior partner Paul Griffiths today said the firm is focusing on safeguarding clients’ interests as it transfers the business ‘as safely and efficiently as possible’.
‘During this interim period, the business continues to trade normally and we believe the interests of our clients and staff have been safeguarded,’ he said.
‘As many of our clients as possible have been informed of the firm’s situation and we will keep them updated as there are developments to report.
‘Until then, we will continue to deal with their matters to our usual high standards of legal service that they have come to expect from Challinors.’
The firm is currently working with accountancy firm RSM Tenon to manage its finances and the Solicitors Regulation Authority to ensure clients’ interests are protected.
Challinors, which has 12 partners and more than 150 members of staff, including 40 solicitors, is one of the biggest firms in the Midlands.
According to Companies House records, a new company under the name of Challinors Legal Limited was incorporated last week, with three directors named who have no direct link to the existing firm.
According to the list of creditors, the firm owes more than £4m to Allied Irish Bank and almost £500,000 to HM Revenue & Customs.