Breeze & Wyles Solicitors Limited (08482738): administration
- Status
- Administration ended
- Administration began
- 2018-09-25
- Formerly
- Breeze & Wyles Limited
- Incorporated
- 2013-04-10
- Location
- Team Valley
- Industry
- 69102 Solicitors
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
The history and events leading to the appointment of the Administrators were detailed in the Administrators’ SIP16 report issued on 28 September 2018. However, a summary is given below.
The Company operated as a firm of solicitors across Hertfordshire, Bishop's Stortford and Enfield. In recent years, the Company had enjoyed significant growth in specialising in property transactions, conveyancing and remortgaging. However, a significant proportion of this work was negatively impacted throughout 2018 and this left the Company with unsustainable historic liabilities and it was also unable to meet its future obligations as and when they fell due.
The Company reduced overheads to mitigate the financial impact of the lost work. However, the reduction of staff numbers gave rise to further issues in managing the level of instructions the Company was receiving. Despite the Company's best attempts at cost reduction, liabilities had reached a level which, moving forward, was simply unmanageable. This, coupled with the indeterminable level and timing of work to be distributed by its clients, left the Company with little alternative other than to reach an agreement with its creditors by way of a CVA.
Administrators' statement of proposals (2018-12-05) · Companies House register