An administrators’ progress report for the now-defunct Parabis Group, published this week on Companies House, showed that unsecured creditors will receive only half of what was already a dismal return on their outstanding debts.
Failure to integrate: Administrators blame poor consolidation for Parabis collapse as unsecured creditors to lose almost £50m
More than 2,500 unsecured creditors of the now defunct Parabis Group will lose almost £50m, a report from the company’s administrators reveals.
One of the first firms to benefit from sweeping liberalisation of the legal services market in 2012, Parabis Group has been placed into a pre-pack administration in a move expected to save ‘all but a handful’ of the 2,000 jobs at the company.
Peter Saville, Ben Browne and Anne O’Keefe of AlixPartners were appointed joint administrators over a number of entities within Parabis Group. Immediately following the appointment, a series of sales of the group’s legal services, rehabilitation and field services divisions took place.
A buyout team comprising the founders of the now-defunct Parabis Group has formally acquired its defendant insurance firm Plexus Law, in a deal that will see the transfer of over 900 staff, supported by a £4.2m loan.
Manchester firm Horwich Farrelly has today (24 November) announced it has taken a 43-strong personal injury team from the Parabis Group, including seven partners, just one day after it emerged Parabis is to be broken up and sold in a £50m pre-pack administration deal. Continue reading “Manchester insurance firm takes on 43-strong team from Parabis as group unravels in administration”
Having just recently confirmed the sale of its defendant personal injury arm Plexus Law, legal and professional services provider Parabis Group is to be broken up and sold in a seven-part pre-pack administration process.
The Parabis Group has confirmed the sale of its defendant personal injury firm Plexus Law to a consortium of private individuals, including the group’s original founders, Andrew McDougall and Tim Roberts.
Following a number of restructurings and a Christmas-time capital injection from its private equity owner, insurance-focused law firm Parabis Group is in talks to sell off parts of its business.
UK insurer RSA is the latest business to be awarded an alternative business structure (ABS) licence by the Solicitors Regulation Authority (SRA), in a joint venture with Parabis Law.
Parabis Group has secured a further £13m investment from private equity company Duke Street Capital with the aim to improve IT systems, property and staff.