Chatwins Solicitors LLP (OC324290): administration
- Status
- In administration
- Administration began
- 2012-10-03
- Administrators
- David Thornhill, Russell Stewart Cash
- Administrators' firm
- FRP Advisory
- Incorporated
- 2006-11-29
- Location
- Manchester
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
- Management failings / irregularities
From the administrators' statement
Chatwins was established in 2006 at the request of Right To Buy Finance Ltd (*RTB"), the charge holder, who were providing funding for a Right to Buy scheme for which the partners had agreed to provide conveyancing services. The scheme was operated by Its Your Right Ltd and Chatwins entered into a 3-way funding agreement for their Right to Buy scheme. By mid-2007 It was apparent that the scheme was failing and Chatwins withdrew from it. Its Your Right Ltd was wound up and the debt due became the responsibility of Chatwins RTB agreed that the debt on failed claims would be transferred to live financial irregularity clams At the date of cessation of trading Chatwins had in the region of 1000 live financial files with a Work in Progress (WIP) value of c.£1,000,000 Chatwins operated from the premises of its associated Partnership, 1 Legal LLP ("1 Legal”) and the files were conducted by the 1 Legal staff.
Financial Information
Extracts from the financial statements are summarised below:-
Administrators' statement of proposals (2010-12-02) · Companies House register