Liverpool’s GT Law in administration
A LIVERPOOL personal injury law firm has called in administrators.
GT Law and its parent company, First Stop Legal Services, entered administration on October 9, a statement posted on its website said.
Owned and named after founder Gordon Tucker, the firm’s main office was at 25-27 Castle Street in Liverpool. In the year to the end of February 2014 it reported bottom line profits of £170,027 on revenues of £7.9m. The company had net debt of £4.1m, an increase from £2.8m in from the previous financial year, and employed 113 people.
However, in July this year the firm was dealt a blow when a major case involving a claim for litigation was dismissed by a High Court judge. GT Law’s handling of the case against Sonae, after an industrial fire at its plant on Merseyside, was also criticised by Mr Justice Jay.
London-based insolvency practitioners Quantuma is handling the administration.
A statement on the GT Law website said: “Samantha Palmer of Ashfords LLP has been appointed as Solicitor Manager. Client files have been transferred and the acquiring firms are in the process of securing informed client consent.”
Writing in a strategic report, dated November 2014 in the accounts Gordon Tucker said: “Whilst the core activity of the business remains personl injury work acting on behalf of the claimants, the company has diversified the range of services considerably over the last year.”
“The company has a large portfolio of personal injury claims, which are expected to generate significant income over the next few years. The directors are therefore confident that the company will continue to be profitable and generate cash surpluses to repay all existing funding.”