Eversheds advises landlord on Halliwells property deal
Halliwells' now infamous Spinningfields property deal is being investigated as the administration of the now-defunct law firm enters its next phase, it has emerged. The Spinningfields landlord, Credit Suisse Asset Management (CSAM), is seeking advice from Eversheds real estate litigation partner Will Densham to see if any money can be recovered from Halliwells. This includes looking over the controversial multimillion-pound payout received by Halliwells' equity partners in 2007.
October 14, 2010 at 06:25 AM
2 minute read
Halliwells' now infamous Spinningfields property deal is being investigated as the administration of the now-defunct law firm enters its next phase, it has emerged.
The Spinningfields landlord, Credit Suisse Asset Management (CSAM), is seeking advice from Eversheds real estate litigation partner Will Densham to see if any money can be recovered from Halliwells. This includes looking over the controversial multimillion-pound payout received by Halliwells' equity partners in 2007.
Halliwells took out a 25-year lease on the building at 3 Hardman Square, of which 23 years remain. As part of the deal, which was agreed in 2005, a £24.5m 'reverse premium' was paid out to the firm on completion of the building in 2007, with £20.4m divided between Halliwells' equity partners.
BDO, as administrator to Halliwells, is also looking into the transaction, advised by CMS Cameron McKenna, as it attempts to recover value from the failed business.
The stance taken by BDO and CSAM in relation to the Spinningfields deal will play a key role in shaping the Halliwells administration. The firm became the largest law firm to collapse in the UK after it went into administration in July.
However, it is currently unclear what options would be available to recover money from the deal.
Separately, a number of former Halliwells partners have been reported to the Solicitors Regulation Authority as part of the ongoing rent dispute over the firm's former Manchester offices at St James's Court.
Former partner and guarantor to the rental agreement Paul Thomas last week wrote to the regulatory body alleging that several former partners acted in bad faith after they failed to reimburse him for fees incurred during the mediation and arbitration process.
One partner who had recently paid towards the dispute resolution process described Thomas' letter as "unfortunate". It is also believed that a number of partners have in recent days also contributed financially to the cost of the proceedings.
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