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Looks like the departure of 40% of the partners in the 12 months prior which was the death knell - erodes the capital base, loses clients (26% drop in fee income in 6 months?), and hits everyone's confidence badly.

However, with a corporate model (the LLP structure) the deal with Gordon Dadds was possible. In a traditional partnership model there could have been a rush for the exit by all the partners, each hoping the firm was solvent at the point they left; all the staff made redundant; possible bankruptcy of many partners; clients' matters possibly left in limbo; and creditors still owed money, getting perhaps less than the best here, 21.8%.

I therefore disagree with anon at 14.35 - in the traditional partnership model I think it very likely the outcome would be worse for everyone, including clients and employees. Of course there'd be the old-fashioned satisfaction of seeing partners left alone in their rooms with a revolver, but difficult to see how that helps anyone.