From the administrators' statement

in October 2009 the Partnership was established as a result of a merger between Morgan & Co and Waugh Haines Rigby The partners/membersare Michael Morgan and Shaun Williams Shaun Williams was not involved in the day to day running of the practise

The merger was funded by way of three term loans with Barclays Bank Ple (‘Barclays’) in October 2009 and a subsequent overdraft facility from July 2010 The borrowing 1s supported by way of a company debenture and personal guarantee from Mr M Morgan Barclay’s total exposure equates to arca £14m, broken down as follows

Mortgage on Freehold property £565,000 | Business Loan £318,000 | EFG Loan (75% guaranteed) £322,000 Bank overdraft faality £121,000

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Morgan Waugh Haines LLP (OC330551)

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