The beleaguered European arm of international firm King & Wood Mallesons is no longer able to pay salaries as it moves to appoint administrators for a second time.
Staff were initially told that salaries would be paid weekly in January but wages for the first week have not appeared in bank accounts.
An internal message from the firm’s managing partner Tim Bednall sent to all staff said the firm’s bankers Barclays would not be approving salary payments.
Separately, this morning at the High Court the firm made a filing to appoint administrators. It first filed a notice of intent to appoint administrators in December last year.
KWM Europe now has 10 working days until it must file for administration, giving the firm’s China arm more time to finalise efforts to retain parts of the business.
A spokesperson for the firm declined to comment beyond confirming that it had filed notice of intent to appoint administrators. According to reports this afternoon,
AlixPartners has declined to be named administrators due to concerns about funding, with Andrew Hosking of Quantuma set to be appointed instead as administrator of the EUME LLP.
KWM staff not being paid as administration looms
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