Insurance law and loss adjusting group Parabis, the parent company of Plexus Law, is set to enter pre-pack administration this week, according to reports.

The firm has been in negotiations to sell its various divisions, and according to Sky News, these sales will take place immediately after it enters administration.

A source close to the firm told Legal Week a deal had been expected to be completed by first thing this morning.

As Legal Week reported earlier this month, the firm has already agreed to sell its defendant insurance arm, Plexus Law and Greenwoods, to a consortium led by Parabis founders Andrew McDougall and Tim Roberts.

This came after discussions with Bolton-based personal injury firm Keoghs broke down.

It has also been in talks to sell off other business units.

It has been reported that Parabis has been in talks with loss adjuster Davies to sell Argent Rehabilitation, and its loss adjuster businesses, Argent Liability Adjusters and Argent Property Adjusters. Sky News has reported that it was in talks to sell its Argent Rehabilitation to medical reports company Premex.

AlixPartners has been advising Parabis on the restructuring of its business and the talks to sell its various units.

Today, the Parabis and Plexus websites were down for "maintenance" with a message telling readers to "check back on Monday 23rd November".

Parabis has had a difficult couple of years. It acquired an Alternative Business Structure (ABS) licence in 2011 and private equity house Duke Street took a majority stake in the business in 2012. Plexus merged with fellow insurance firm Greenwoods in 2013.

However, it closed its Bristol and Colchester offices in October 2014 and also embarked on a consolidation of its three London offices. It also wound up the Croydon office of its claimant arm Cogent Law with the loss of 24 fee earners in 2014.

Duke Street made a further £13m investment in the business in December 2014.

But Duke Street then wrote down its €30m (£21.6m) investment in Parabis to zero earlier this year.

The latest accounts for Parabis' ultimate parent company Trilliam Holdco, which owns Parabis Law and sister companies trading under the Parabis umbrella, show that it owed Duke Street and its co-investors £52m on 31 March 2014.

The accounts also show Trilliam reported a pre-tax loss of £23.9m in the year to the end of March 2014. In the seven months to 31 March 2013 it reported a pre-tax loss of £2.1m.

In addition the accounts, filed in December last year, show Trilliam breached a number of banking facilities and covenants between April 2014 and the end of the year though these were subsequently waived.

It has also seen a string of exits this year. In March Plexus lost a 13-strong travel law team to Kennedys led by partners Claire Mulligan and Justin Collins.

Greenwoods' then head of counter fraud Karen Mann and then Parabis partner Jason Spencer joined Horwich Farrelly in September.

A 30-strong team, led by Greenwoods senior partner Malcolm Henke, is also understood to be leaving the firm to join Horwich Farrelly.

AlixPartners declined to comment. Parabis and Premex have been contacted for comment.