Challinors Solicitors facing £11m debt crisis
A major Midlands law firm which employs 200 people was today on the brink of administration, with debts totalling £11.4 million.
Challinors Solicitors, which has offices in Wolverhampton, West Bromwich and Halesowen, is in talks with insolvency specialists KSA Group.
Challinors, which has its headquarters in Birmingham, owes money to about 250 creditors. A document drawn up by KSA last month shows the scale of the debts to unsecured creditors.
Challinors owes more than £4m to Allied Irish Bank and almost £500,000 to HM Revenue & Customs.
Wayne Harrison, director of insolvency for KSA, is acting on behalf of Challinors, but the firm has yet to enter administration and is continuing to trade normally. However bosses have filed a notice of intention to appoint an administrator.
A statement by Challinors says chiefs hope to negotiate the sale of the business.
Uncertain future as law firm facing sale - Read more in today's Express & Star
