P H C LAW Limited (07214601): administration
- Status
- Administration ended
- Administration began
- 2019-12-23
- Administrators
- Julie Webster, Jeremy Paul David Oddie
- Administrators' firm
- Neathouse Partners
- Incorporated
- 2010-04-07
- Location
- Manchester
- Industry
- 99999 Dormant Company
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
« The Company was a solicitor’s firm operating from leasehold premises based in Preston, Lancashire. The Company had two practicing solicitors — Craig Porter and Christopher Wood (“the Directors”) - appointed directors in March 2019 following the death of the previous director, Philip Cuerden. At the date of appointment the Company had seven employees including the two directors.
• The Company’s regulator the Solicitors Regulation Authority (“SRA”) granted the Company a 12-month operating license during which a sale of the business or transfer of cases to another firm needed to take place — this license was due to expire in March 2020.
+ Natwest Bank provided secured lending to the Company which included a loan and overdraft facility which the Company was reliant on to continue to trade. Under the Directors’ control the Company was initiatly cash positive, however, across June and July 2019 the Company began to incur losses with a downturn in both case volume and case value.
Administrators' statement of proposals (2020-01-28) · Companies House register