Staff at King & Wood Malleson’s European arm have been informed that later today the former UK top-15 firm will finally transfer all remaining assets and control of the business to Quantuma administrator Andrew Hosking. Mr Hosking will now be tasked with attempting to pay down the legacy SJ Berwin business’ extensive debts across Europe, including its outstanding £35m bill with main lender Barclays. The bank has approved a team of advisers to assist Mr Hosking, including CMS Cameron McKenna partner Rita Lowe, Pinsent Masons partner Steve Cottee, and Ashford head of financial risk Sam Palmer who will act as solicitor manager for a regulatory advice team from Ashfords.

The firm first filed a notice of its intention to appoint administrators on 22 December last year, before renewing its notice last week on 10 January. It is expected the firm will cease trading immediately after Mr Hosking at his team are officially called in later this afternoon. All lawyers and staff who remain at the firm will likely relocate from the firm’s 10 Queen Street premises to smaller temporary offices as soon as is practicable.

Sources: The Lawyer; Legal Week