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Joint administrators from The Insolvency Company, Gareth Buckley and Steve Elliott, have been appointed to manage the affairs of BLB Solicitors following the collapse of a rescue sale.
The Insolvency Company, which is part of Sumer Group, took over the law firm on 30 April. The firm previously operated from six offices in Bath, Bristol and Swindon.
Buckley and Elliott had worked with BLB’s leadership team prior to the appointment to find a buyer. While a sale was agreed in principle, the buyer withdrew at a late stage.
As a result, the joint administrators were unable to continue trading the business due to Solicitors Regulation Authority rules. This led to the immediate cessation of trade and the redundancy of all staff.
Representatives from The Insolvency Company will now focus on asset realisation. They are liaising with the regulator to ensure client files and interests remain protected during the wind-down.
Buckley said: “We worked hard to secure a sale of the business as a going concern, which would have preserved a significant number of jobs, and we had a deal in place. It is deeply disappointing that it fell through at a late stage.
“Due to the timing and lack of available funding there was no alternative other than to cease trading and dismiss the workforce. Our immediate priority now is to ensure clients and creditors are kept informed and to support employees through the process of making claims to the Redundancy Payments Service.”
