Marsden Rawsthorn LLP (OC327503): administration
- Status
- Administration ended
- Administration began
- 2013-02-20
- Administrators
- Paul Andrew Flint, David James Costley-Wood
- Administrators' firm
- KPMG
- Incorporated
- 2007-04-13
- Location
- Manchester
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Competition / price pressure
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The LLP operated as a solicitors firm and was formed in 2007 following the merger of Marsdens and Rawsthorns, offering a full range of corporate and personal legal services from two offices located in Preston and Chorley The fee earning structure of the LLP consisted ten partners and approximately 80 staff
The merger took place before the economic downturn and the LLP had since been suffering serious cash flow problems due to difficult trading conditions exacerbated in part by low interest earned on chent balances
The LLP alleges that the cash position was further compounded by debt servicing requirements in relation to debt financing received from the Bank This was in the form of a number of loans provided between 2007 and 2009 and since mid 2012, the LLP had been in dialogue with RBS regarding a solvent restructure of the LLP’s indebtedness
Administrators' statement of proposals (2013-04-29) · Companies House register