Not that this is entirely a surprise, of course. The Gazette reports on the present position here.
Baker Tilly, the administrators, make some interesting comments about the knock on effect of law firm failures on bank attitudes to lending, with Challinors being in part a victim of Cobbetts. The more fail, the more banks will see law firms as a poor risk.
The other snippet is that the firm was applying to be an ABS, but delayed the paperwork. This is understandable if the management was spending its time fire fighting, but the lesson is to get on with it.
I cannot help feeling sorry for the two clients who loaned substantial amounts to the firm. I only hope that they were advised to obtain independent advice.