LG advises on 'pre-pack' administration for law firm
21 April 2009
Business law firm LG advises restructuring experts Begbies Traynor, who were appointed administrators of Hextalls LLP at the High Court today, on one of the first pre-pack administrations to be implemented for a law firm.
Hextalls specialises in insurance and reinsurance litigation work and is the largest law firm yet to enter into administration, with a number of partners buying the business through an immediate pre-pack sale.
LG corporate recovery and restructuring partner Steven Cottee led the team, which included corporate recovery lawyer Robert Paterson and Bhaljinder Mander.
Steven said: "A pre-pack administration is a particularly useful tool for restructuring law firms, as the speed of the transaction avoids the need for intervention by the Law Society, and helps ensure clients' needs are met and will also benefit creditors".
Notes to editors:
- Recognised as market leaders, LG's Corporate Recovery team provides advice on the full range of corporate recovery and restructuring assignments to banks, factors and discounters and financial institutions. We also work with under-performing businesses, UK insolvency practitioners, turnaround professionals, pension trustees and the Pension Protection Fund.
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