Tanner & Taylor LLP (OC329876): administration
- Status
- Administration ended
- Administration began
- 2011-11-16
- Administrators
- Trevor John Binyon, Timothy John Edward Dolder
- Administrators' firm
- RSM
- Incorporated
- 2007-07-17
- Location
- London
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Management failings / irregularities
- Regulatory change or action
From the administrators' statement
The business of Tanner and Taylor was established in 1958 as a traditional high-street multidisciplined practice, providing a range of legal services operating from several locations The Limited Liability Partnership was established in September 2007 At this point the Partnership had a turnover of over £2 5 million
The practice continued on a profitable basis until the recessionary times hit The firm's financial forecasts were invariably met in the 2000’s until around 2008 This coincided with a succession of partner retirements, in 2008/2009, which impacted upon the firm’s income streams The firm's commercial practice dissipated overnight, and the firm’s criminal practice diminished due to the partner retirements This coupled with the downturn in the property market affecting the conveyancing income of the practice left only one or two remaining departments sustaining their income levels This also left 2 partners Clive Barker and Neeta Mehta (“the Partners”) to try to steer the business, which historically consisted of an average of 5 partners
During 2010 cash flow became more difficult, however, the Partners managed to spread payments and attain a level of profitability, albeit at a much lower level than previous years
Administrators' statement of proposals (2012-02-16) · Companies House register