The deceased Lincoln's Inn firm Dawsons is going into insolvent liquidation, with debts of well over a million pounds.
The decision was taken at a meeting of the firm's creditors at 10:30 yesterday morning. Insiders say that the creditors were offered 70 pence in the pound, but the firm's bank refused the offer. So now the firm will go under, creditors will lose out and the seven partners themselves will be out of pocket too - they can whistle for the return of the contributions they made to Dawsons.
The firm's woes were first reported by RollOnFriday last December when it was revealed that staff had been asked to work a four day week and take a 15% pay cut. At the time a spokeswoman denied that the firm was in trouble, and said that this was solely to "try and run a more efficient ship". Yeah, and that would be why the firm was taken over by Penningtons, foul-mouthed advisers to country gents and cannibals, on 1st May. In total 40 staff (including seven partners) moved to Penningtons.
Martin Codd, former Managing Partner of Dawsons, confirmed that it had originally been intended to agree a company voluntary arrangement but this had proved to be "unworkable because of the stance taken by certain parties". And so a 300 year old firm came to a rather shabby end.
Tip Off ROF
The decision was taken at a meeting of the firm's creditors at 10:30 yesterday morning. Insiders say that the creditors were offered 70 pence in the pound, but the firm's bank refused the offer. So now the firm will go under, creditors will lose out and the seven partners themselves will be out of pocket too - they can whistle for the return of the contributions they made to Dawsons.
The firm's woes were first reported by RollOnFriday last December when it was revealed that staff had been asked to work a four day week and take a 15% pay cut. At the time a spokeswoman denied that the firm was in trouble, and said that this was solely to "try and run a more efficient ship". Yeah, and that would be why the firm was taken over by Penningtons, foul-mouthed advisers to country gents and cannibals, on 1st May. In total 40 staff (including seven partners) moved to Penningtons.
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An unhappy Dawsons yesterday |
Martin Codd, former Managing Partner of Dawsons, confirmed that it had originally been intended to agree a company voluntary arrangement but this had proved to be "unworkable because of the stance taken by certain parties". And so a 300 year old firm came to a rather shabby end.