Regional law firm Hacking Ashton LLP has entered liquidation following a meeting of creditors.
The firm suffered from “declining fee income” resulting in the practice having insufficient cash to pay its annual professional indemnity insurance in October.
Matt Ingram and John Whitfield of Duff & Phelps were appointed as liquidators to the company on 25 October.
Ingram said: “Despite our best efforts working with the partners of the practice over the last few weeks, we have been unable to find a buyer to take the business forwards.
“Despite a good level of initial interest, strict legal profession rules can lead to a purchaser being deemed to be the ‘successor practice’ which in certain circumstances leads to serious risks for acquiring party.
“In this case, evidently, those risks have been detrimental to securing a going concern outcome, which has resulted in the meeting of creditors to place the partnership into liquidation.”
The firm, headquartered in Newcastle-under-Lyme, also traded under Bailey Wain and Curzon, Wilkins and Thompson, Glandfield & Cruddas, and Crick & Mardling across Staffordshire.
Managing partner, Clive Woolliscroft, said: “The practice stopped taking on new matters at the end of September and since then our staff have been fantastic in trying to ensure that live files were transferred in an orderly manner, despite knowing that they were likely to lose their jobs in the very near future.
“With our advisors at Duff & Phelps, we have kept the Solicitors Regulation Authority (SRA) informed of matters as they have unfolded over the past few weeks. The liquidators will continue to work with officials to ensure that client’s data is not put at risk.”