Manchester insurance law firm goes into administration
Manchester insurance law firm Halliwells has gone into administration and is negotiating to transfer the firm’s lawyers and clients to Liverpool firm Hill Dickinson, the Times reports.
Halliwells was founded in 1975 and has 115 partners and about 700 staff across four offices. It had turnover of £78m last year. Its biggest creditor is the Royal Bank of Scotland, which is owed close to £20m.
Halliwells said that its underlying insurance litigation practice remained healthy and had attracted interest from a number of potential buyers.
BDO accountants have been hired to advise on the rescue. Shay Bannon, head of business restructuring, said: “Halliwells assumed substantial property obligations in recent years, which have significantly increased operating costs. We are in discussions with several other law firms regarding the sale of the business.”