Stockport law firm closure may cost over £10m
03 September 2010
Administrators for Stockport law firm Wolstenholmes, closed down by the Solicitors Regulation Authority (SRA) in December 2009, have estimated that the resulting clear-up costs are likely to exceed £10m.

The conveyancing firm, established back in 1818, was forced to shut down after five solicitors had their licences suspended over claims of dishonesty. Thousands of customers are thought to have been affected and the SRA has already paid over £9.4m in compensation to former clients with more still expected to be dished out, according to a BBC report.

And it's not just former clients who have been royally screwed over. Administrators report that at the time of closure, Wolstenholmes owed more than £3.5m to creditors, including to staff and Lloyds TSB. The bank also apparently
stumped up for a Porsche  - RollOnFriday can only imagine the business case presented for a firm sports car - which has now gone AWOL.

The Wolstenholmes Porsche as seen leaving Stockport

And more may yet emerge from the woodwork. The SRA told the BBC "The investigation into the firm is still ongoing and the appointed agents are dealing with client files".

Know anything about the elusive Porsche? Email us here.