Woodwards LAW Ltd (08108123): administration
- Status
- Administration ended
- Administration began
- 2023-12-19
- Administrators
- Steven Wiseglass
- Administrators' firm
- Begbies Traynor
- Formerly
- Woodwards (Personal Injury) Limited
- Incorporated
- 2012-06-18
- Location
- 11-15 New Road
- Industry
- 69102 Solicitors
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Board of directors have provided information on the history of the Company and the events leading up to insolvency;
Due to the uncertainty surrounding RTA claims, the Company started to deal with other types of claims such as holiday sickness claims and start making investment in the same in 2015. However, most of the invested money was loss due to the significant change on the burden of proof of the legal cases.
Apart from the above, the business line of RTA claims was started to wind down due to the implementation of new legislation. Creditors like Dr’s & Barristers (“Dr's”) started to pursue Woodwards for any unrecovered fees even though for many years they had just written off the fees on unsuccessful cases. However, an out of court settlement with Dr’s in the sum of £325,000.00 was form which increased the financial burden of the Company and more claim was expected from the same creditor on other type of claims. The pass away of the founder of the Company also heavily affect the operation of the Company.
Administrators' statement of proposals (2024-02-13) · Companies House register