Law firm's failure costs
McClure Naismith ‘collapsed with £5 million debt’
The Glasgow-based firm went into administration in August and rival firms hired 80 of the firm’s staff, but 42 were made redundant.
Administrators at insolvency practice FRP Advisory say the landlord, tax office and former partners are owed about £4.5m. Other creditors include Bank of Scotland.
The administrators say it is unlikely that a distribution will be made to ordinary creditors, apart from a dividend of about £149,000.
It is expected that it will take at least a year to finalise the company’s affairs.
Founded in 1826, McClure Naismith had offices in Glasgow, Edinburgh and London, and employed 26 partners and 109 staff.
The firm made attempts to reduce overheads by sub-letting excess office space and it received approaches from potential merger partners, but the discussions were unsuccessful.
Harper Macleod, Maclay Murray & Spens, Burness Paull, Morton Fraser and HBJ Gateley were among the firms which hired McClure’s staff.