Administrators have been appointed to the UK law firm Neumans, which follows intervention by the Solicitors Regulation Authority (SRA) in July 2017 to shut the firm down amid suspicions of dishonesty.
The firm specialised in the fields of serious crime and extradition but SRA investigations began following a referral by Lord Justice Simon following a Court of Appeal ruling concerning costs in a case involving a Neumans' client.
Accounts for the firm suggested it owed creditors around £2.1m and a spokesman for the firm expressed hope that asset realisations would be sufficient to allow all creditors to be settled.
We reported on the attempts to save listed Australian firm Slater & Gordon in our March and June 2017 updates. The firm has recently announced that it is handing over ownership of its UK business to lenders in order to focus on its Australian business. The firm intends to further consolidate its Australian business by cutting staff and closing some offices. The recent court approval of a substantial human rights class action settlement on which the firm acted will provide a much needed boost, but it appears that the recovery will be a work in progress for some time yet.