Dewey's UK LLP looks to liquidation as unsecured creditors may lose out
Administrators of Dewey & LeBoeuf's UK limited liability partnership (LLP) have proposed moving the business, which comprises the defunct US law firm's London and Paris arms, from administration into liquidation as many unsecured creditors, owed a total of £5.2m, look set to lose out.
July 30, 2012 at 12:35 PM
3 minute read
Administrators of Dewey & LeBoeuf's UK limited liability partnership (LLP) have proposed moving the business, which comprises the defunct US law firm's London and Paris arms, from administration into liquidation as many unsecured creditors, owed a total of £5.2m, look set to lose out.
BDO's statement of administrator's proposals, filed on Companies House last week (27 July), shows the LLP has received £4.2m in unsecured creditor claims, with its associated services arm receiving claims totalling £1m.
Once the costs of the firm's administration and settlement of any preferential claims, which could include claims for accrued holiday pay by UK employees as well as claims from French employees who were unpaid in April and May, administrators Mark Shaw and Shay Bannon expect there will be around £600,000 to distribute to unsecured creditors.
Creditors have until 6 August this year to call a meeting to discuss the proposals. The report provides a breakdown of outstanding creditors, with Lebanese firm Abousleiman & Partners the largest creditor, owed £187,570, while former Paris Dewey partner Christophe Salamon is owed £177,526.57.
The next largest creditors are Eaton Search and Melton Legal Search, each owed £112,800 and £69,600, respectively.
Other details included in the proposals show former Dewey partners Mark Fennessy and Hazel Miller, together with Richard Slade of Richard Slade and Company were a total of £67,845.80 between the period of 28 May to 16 July 2012 in their capacity as Solicitor Managers.
BDO also included its current hourly charge out rates in the filings, with an adviser deemed "partner one" charging £658 an hour, while a "partner two" and director cost £530 and £455 respectively. At the time the document was filed time spent on the administration totalled 487 hours at an average hourly rate of £375 for the UK LLP, with an additional 101 hours at £278 per hour on the services business. The breakdown also includes BDO's administrator fees for the period 28 May to 16 July 2012, which have totalled £182,982.43 for the UK LLP and £28,414.45 for the services company.
The news comes after a new Dewey bankruptcy filing has confirmed the identities of six potential merger partners that reviewed the firm's audited financial reports ahead of its collapse it emerged today (30 July).
That list shows that Baker & McKenzie, Greenberg Traurig, Patton Boggs, Reed Smith, SNR Denton and Winston & Strawn were among those that "signed confidentiality agreements and received due diligence packages during potential merger discussions."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllCleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Singapore's Drew & Napier Secures $3.5B Award in Civil Suit
Trending Stories
- 1Call for Nominations: Elite Trial Lawyers 2025
- 2Senate Judiciary Dems Release Report on Supreme Court Ethics
- 3Senate Confirms Last 2 of Biden's California Judicial Nominees
- 4Morrison & Foerster Doles Out Year-End and Special Bonuses, Raises Base Compensation for Associates
- 5Tom Girardi to Surrender to Federal Authorities on Jan. 7
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250