Woolley takes IVA after EOS debt woe
A HIGH profile Manchester lawyer has entered into an IVA deal with creditors following the collapse of the law firm he set up.
Simon Woolley, who lost more than £210,000 when EOS Law folded in December 2013, was previously Manchester office managing partner of international firm DLA Piper.
The 48-year-old from Wilmslow who now runs a new firm in Manchester called RSW Law said: “I am incredibly thankful for the support of my family throughout this very tough period.
“My focus now is on putting all of my experience in business, management and deal advisory to good use”.
Unlike bankruptcy, going through an IVA does not automatically incur a suspension from practising the law. It is understood legal regulators have been informed of the situation.
A banking specialist partner, Woolley founded King Street-based EOS in 2011, and it grew quickly with fee income topping £1m after 18 months.
However EOS, which had eight fixed share partners, fell into difficulty after its lender NatWest withdrew its support.
An Individual Voluntary Arrangement (IVA) is an agreement with creditors to repay all or part of debts. Under the term of the deal, regular payments must be made to an insolvency practitioner, who then divides the money between creditors.
