UK-listed law firm Ince has entered into administration as a major creditor confirms it will no longer support the business.
In a statement, Ince said: “The company confirms that its audit process for the financial year ended March 31, 2022, remains uncompleted. The company’s shares have been suspended since January 3, 2023, and the length of the auditing process has put increasing pressure on the cash flows of the business. As a result, the company has been holding discussions with its major lender and other creditors, including HMRC, to establish their level of support.
“The company has now been informed by a major creditor that it will no longer continue to support the business and, as a result, in order to preserve the future value of the group’s business and to protect the interests of employees and other stakeholders, the board of the company has regrettably concluded that it has no choice but to place the company into administration.”
Quantuma has been appointed as administrator and Ince expects that it will implement a sale of the group’s business to a third-party purchaser.