Beleaguered law firm Ince Group is collapsing after missing deadlines for the publication of last year’s results
Troubled City law firm Ince Group has collapsed after months of financial turmoil.
The publicly traded company plans to enter administration after missing deadlines for the publication of last year’s results.
Inc, which has a history stretching back 150 years, announced its bankruptcy on the London Stock Exchange yesterday.
Collapse: City law firm Ince Group, a publicly traded company with a history stretching back 150 years, announced its bankruptcy on the London Stock Exchange yesterday
Finances are under pressure from a lengthy, still incomplete audit. The pressure on the money led to discussions with the main lender and other creditors, including HMRC.
But recently a large creditor withdrew the support. Ince, which made headlines last year after some of its senior lawyers allegedly assaulted a 22-year-old waitress at a Cardiff restaurant, said: “The board has concluded that it has no choice but to place the company in receivership.”
Insolvency specialist Quantuma is ordered to sell it. Shares of Ince, once the largest listed law firm in London after going public in 2017, were suspended on January 3.
Before that, they were down more than 99.97 percent since 2018 to 5.15 pence.
Last year Ince posted a profit of just £300,000 on a turnover of £100.2 million.