Channon Solicitors Limited (07773657): administration
- Status
- Administration ended
- Administration began
- 2017-12-15
- Administrators
- Ben Woolrych, David Thornhill
- Administrators' firm
- FRP Advisory
- Incorporated
- 2011-09-14
- Location
- Booth Street
- Industry
- 69102 Solicitors
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
Incorporated on i4 September 2011, the Company was a licensed legal practice, regulated by the SRA, which specialised in holiday sickness claims. The Company was funded by Lloyds, by way of overdraft facility, and by Novitas, who provided a revolving loan facility against cases.
Trading was historically profitable, with the Company reporting profits before tax of £108k for the year ended 30 September 2016. Historically, case work was largely resolved by way of early settlements against respondents, primarily travel companies.
Successful early settlement ensured case files did not remain open for excessive periods of time and associated costs, such as disbursements and court fees, were kept to a minimum.
Administrators' statement of proposals (2018-02-14) · Companies House register