British Conveyancing Firm Goes Bankrupt
The beginning of 2011 was marked by a collapse of one of the leading conveyancing firms of Great Britain. Fridays Property Lawyers, a company that considered itself to be the fastest growing business in UK conveyancing sector, faced financial problems in the end of 2010 and went into administration, thus leaving its employees without jobs.
The number of people left unemployed is significant, as the conveyancer had its headquarters in London (at King's Cross) and offices in other cities, offering its services in 12 British towns. Bankruptcy notices were sent to staff over the Christmas and New Year break.
Commenting on the situation that Fridays Property Lawyers faced, its administrators, Julian N. R. Pitts and David F. Wilson of Begbies Traynor, said that "the company have closed down their operation following a period of rapid contraction resulting from the abolition of Home Information Packs. Attempts to replace new business volumes proved unsuccessful in the current economic climate."
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Good riddance. Unqualified people dealing in property in a call centre style fashion. Awful.
There are a lot of myths surrounding these guys. They didn't actually have staff in most of their 'offices'. Most of them were PO Boxes at Regus offices to give the false impression of them being 'local' when people found them on google. Just another example of the dishonesty that brought them to bankruptcy!