Whatever the ins and outs of how Challinors reached its current position, it must be tough on the Partners at the moment.
I dealt with the effects on the staff here, and some of the same issues apply to the partners, for example stress, uncertainty, future commitments, and maintaining work and professional standards. The situation must make great demands on their resilience.
The first additional pressure is bankruptcy. Challinors, as I understand it, is a partnership, not a limited company nor a LLP. I am not insolvency expert, but in the absence of a valid Voluntary Arrangement, it looks to me that any debt persists, even if an administration order is made. The consequences for families, and future practice could be severe.
Secondly there are no allegations of financial misconduct, but the firm has apparently been reported to the SRA for professional misconduct. If that allegation is proved, then that potentially has consequences for the future career of whoever is responsible.
The Partners are taking advice from specialist advisors, and with a following wind I hope the major part of the practice can continue in some form, so that damage to clients and staff is limited. We wait and see. Back to uncertainty again.