News

Official Statistics suggest that the economy may have come out of recession but businesses continue to struggle. The solicitors at the East Midlands’ top ranked insolvency law firm, Actons, continue to advise businesses from the region and beyond about their on-going financial difficulties.

One of the department’s directors, Chris Murratt, who has been in practice for nearly 20 years commented:

“I remember the recessions and downturns of the early 1990s and early 2000s. 10 and 20 years ago, it was mostly the manufacturing sector that was badly affected. This time it has been different: white collar firms have also been hit hard. We are seeing an increase in the number of professionals, including solicitors, seeking specialist insolvency advice.”

As has been widely reported, solicitors, accountants, surveyors and other professionals have been struggling and many have had to make hard decisions regarding redundancies. For some, it appears that these cuts have not been sufficient.

“Solicitors and other professionals are not immune from the wider economy” says Chris Murratt. “For some firms, cut backs have not been enough to prevent the closure of their firms.”

Where law firms fail the Solicitors Regulation Authority may “intervene” in the firm to protect clients’ interests. This is not, however, always necessary. “There are steps which can be taken to protect clients, protect creditors and to preserve the right to practice. The key factor is taking urgent early advice” says Actons’ Chris Murratt

For further information, please contact Chris Murratt on 0115 9 100 200 or email chris.murratt@actons.co.uk