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Willmett Solicitors believed to be in administration
December 02, 2009
Willmett Solicitors based in Reading and Woodley is believed to have gone into administration.
It is reported the High Court ruled it must pay £1.35 million after the company, which has other offices in Windsor and Maidenhead, reportedly failed to comply with undertakings in a commercial property transaction.
A member of staff at its Woodley office anonymously told getreading staff were given the news on Monday the company would close.
She added employees came into work voluntarily yesterday to help clients collect their files.
According to the Solicitors Journal website, the firm was acting for Elegant Homes (Guernsey) Ltd in the development of a site in Bray.
Elegant Homes (Guernsey) Ltd secured a loan of more than £6 million from the Bank of Scotland to fund the development in return for various charges over the land.
The company later agreed to sell plots of land to two housing associations for around £975,000 with Willmett giving undertakings it would secure the release of the relevant charge.
The charge was not removed but former Willmett partner Jonathan Gilbert transferred the sale proceeds to Elegant Homes (Guernsey) Ltd without the bank’s knowledge or consent.
Since making the transaction Mr Gilbert resigned and Willmett have been unable to contact him.
A High Court hearing ruled Willmett was at fault in the matter and should pay the two housing associations £1.35 million.
The court hearing is completely unrelated to Elegant Homes (Reading) Ltd based in Caversham.
If you are a client of Willmett or have been affected by the closure of the company call reporter Laura Herbert on (0118) 918 3025 or email laura.herbert@reading-epost.co.uk
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