A Fylde coast law firm has gone into administration.
Administrators FRP Advisory said Channon’s Solicitors, which had its address listed as The Solaris Centre and which specialised in claimant-led litigation in the holiday and leisure markets, had “faced an unsustainable pressure on cash-flow for a number of months following a behavioural change across defendants towards a more protracted approach to handling claims.”
Having exhausted attempts to restructure its business model, the firm sought to transfer its outstanding claims to other regulated solicitor firms in order for those claims to be able to be concluded.
Six remaining staff were made redundant.
After ceasing to trade, Channon’s appointed joint administrators David Thornhill and Ben Woolrych of FRP Advisory on December 15.
They said they were now focused on realising any remaining assets of the business including any work-in-progress.
They said: “The joint administrators will ensure that any costs due to the Firm, in relation to on-going claims that have already been transferred to others will be paid over to the firm in the interests of creditors.”