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Housing law specialists Cobbetts to enter administration

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Housing law specialists Cobbetts to enter administration

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Published by Jon Land for 24dash.com in Housing and also in Legal

Housing law specialists Cobbetts to enter administration Housing law specialists Cobbetts to enter administration

Law firm Cobbetts - which works with dozens of housing associations - is set to enter administration.

The Manchester-based firm, which has nearly 500 staff and offices in Birmingham, Leeds and London, has filed a notice of intention to appoint administrators and will be put up for sale. Staff were informed of the news this morning.

Cobbetts, which saw a merger with DWF collapse last year, reported fee income of £45.2m in the year to the end of April 2012. It has debts of more than £10m. It blamed continued tough trading in the professional services sector for its demise.

In a statement the firm said: “Having regard to the difficult trading conditions in the professional services sector we have reluctantly concluded that the appropriate course at this time is for the firm to obtain the protection of an interim statutory moratorium to enable a sale of the business and assets of the firm to be concluded in a short time frame.

“We are also working closely with our regulator, the SRA. with all stakeholders and our professional advisers to achieve the best outcome for creditors, clients, employees and members.

“We remain confident that we will be able to provide a further positive update in the very near future.”

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