Glaisyers LLP (OC313203): administration
- Status
- In administration
- Administration began
- 2025-07-31
- Administrators
- Charles Hamilton Turner, Gareth David Wilcox
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2005-05-13
- Location
- Milton Keynes
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
- Cyber attack / IT failure
From the administrators' statement
Prior to administration, Ortus Group was engaged by the Firm to seek a purchaser for its business and assets. Whilst the marketing process was at an early stage, concerns were identified regarding the likelihood of a solvent acquisition of the practice being possible, largely because of previous claims on the Firm’s professional indemnity insurance policy, which had given rise to a significant rise in premiums. Since any successor practice would effectively become liable for previous claims, this risk was considered a substantial inhibitor to interest. The prior claims related to a cyber-attack suffered by a property department which the Firm previously operated but has since closed.
The Firm had been lossmaking for some time, with financial support having been provided by DS and entities owned by him. Since August 2022, DS estimates that he has invested sums totalling £475,000.
The Firm also relied on weekly payments from the Legal Aid Agency (‘LAA’), but in recent months these were insufficient to meet its outgoings. Whilst there were no immediate threats of winding-up proceedings, the Firm’s cashflow was consistently stretched, and regularly required it to rely on an overdraft with Santander, as well as a rolling facility with Funding Circle. The indebtedness on the facility fluctuated but was utilised up to £120,000, typically increasing in line with VAT quarters. It is understood that the overdraft, and lending of Funding Circle, are both personally guaranteed by DS.
Administrators' statement of proposals (2025-08-14) · Companies House register