Truro lawyers Follett Stock served with a winding-up petition by HMRC over unpaid debts: UPDATE (From Falmouth Packet)
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Truro lawyers Follett Stock served with a winding-up petition by HMRC over unpaid debts: UPDATE
2:30pm Tuesday 1st October 2013 in News
UPDATE: A hearing involving Truro-based law firm, Follett Stock, brought after HM Revenue and Customs submitted a petition over unpaid debts has been adjourned.
The petition to wind up the firm was set to be heard at the Royal Courts of Justice on Monday, however it has been adjourned for three weeks, with a new date set for October 21.
Truro based law firm Follett Stock has been served with a winding-up petition by HM Revenue & Customs (HMRC) over an outstanding tax bill.
The notice was served in August and the company has until Monday (30 September) to pay the bill, understood to be related to VAT or income tax.
No-one from Follett Stock was available to comment on the HMRC proceedings.
The Cornwall Law Society has put together an action plan to help clients should the firm face severe financial difficulties.
Cornwall Law Society president Jeremy Harvey told The Lawyer: ”The failure of any business is very sad, whatever the reason, as it has such serious repercussions for clients and staff.
“The Cornwall Law Society committee concluded at its meeting last week that we should have a contingency plan in place in the event that a law firm failed in the County.
"That plan has now been written and will be effective once any announcement about the future of the firm is official.”
He added: ”It has been clear that law firms have been under financial pressure for some time, for a whole variety of reasons. With that in mind the Society has put a number of initiatives in place to enable it to deal with those pressures – educating junior members on the financial management of law firms, a forthcoming training course focusing on specific, relevant financial issues and the creation of a special interest group for those that have the oversight of regulation in their firms.”
Follett Stock recently settled claims against managing partner Chris Lingard before a full tribunal hearing, after solicitor Kate Baker made accusations of bullying. She filed claims of sexual discrimination, sexual harassment and unfair dismissal against the firm.
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