A high-profile firm shut down earlier this year by the Solicitors Regulation Authority has said it is hopeful of settling all outstanding claims from creditors.
It was confirmed this week that Finbarr O’Connell and Henry Shinners, of accountancy firm Smith Williamson LLP, had been appointed as administrators for the closed firm Neumans.
Based in London and Manchester, Neumans was referred to the SRA by the Court of Appeal in early 2017 before the regulator intervened in the practice in July.
In a statement released by Smith & Williamson, Sirwa Sabir, a member of Neumans LLP, said: ‘I am assisting the administrators with their work and hope that asset realisations will be sufficient to allow all creditors of the firm to be settled. I am receiving excellent cooperation from the solicitors who are currently advising the ex-Neumans clients.’
It is unclear what amounts are owed to creditors at this stage: O’Connell, the lead administrator, said his main focus will now be to preserve the assets of the firm for its creditors. A statement of affairs is being prepared and is likely to be published with Companies House in the coming weeks.
According to its latest accounts published, for the year ending 31 March 2016, the firm owed £2.1m.
Neumans offered criminal law and commercial and civil dispute resolution advice, as well as guidance on business transactions and corporate affairs. Its client base included individuals and corporations both domestically and abroad.
Described in its Twitter profile as a ‘highly ambitious’ firm, Neumans claims to have acted for leaders in business and politics, celebrities, high-net-worth individuals and people from across the professions.
The SRA shut down the firm after finding reason to suspect dishonesty from both the practice and its founder Nabeel Sheikh, and to suspect the firm and Sheikh of failing to comply with rules applicable in the Administration of Justice Act.
Last month, the High Court refused an application to overturn the intervention after Sabir offered to take charge of the firm and run it without outside interference.