The Ince Group Plc, brands of which include insurance law firm Ince, has been put into administration.
In its announcement, the Ince parent said: “The company confirms that its audit process for the financial year ended March 31, 2022 remains uncompleted. The company’s shares have been suspended since January 3, 2023 and the length of the auditing process has put increasing pressure on the cash flows of the business. As a result, the company has been holding discussions with its major lender and other creditors, including HMRC, to establish their level of support.
“The company has now been informed by a major creditor that it will no longer continue to support the business and, as a result, in order to preserve the future value of the group’s business and to protect the interests of employees and other stakeholders, the board of the company has regrettably concluded that it has no choice but to place the company into administration.”
Last month, the group successfully completed the disposal of its non-core claimant personal injury and clinical negligence practice in Bristol to Clinical Negligence Services Ltd. The payment, £1.3 million in cash, was applied to the company’s working capital requirements. Subsidiaries in Gibraltar have also been sold.
Meanwhile, administrator Quantuma is expected to implement a sale of The Ince Group’s business as soon as possible.
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