Legacy Cobbetts partners could face a financial penalty of up to £100,000 if they choose to break the two-year lock-in set out in the failed firm's pre-pack purchase agreement with DWF. The former Cobbetts partners, who had their capital contributions protected following the Manchester firm's collapse earlier this year, all joined DWF as fixed-share partners as part of the £3.8m distressed purchase. In order to protect its investment, DWF imposed a two-year lock-in on the transferring partners and it is now understood that this includes a release clause penalty of £100,000 for any partners trying to leave during the first year and £70,000 for any trying to leave in the second.
May 16, 2013 at 07:00 PM
1 minute read
The original version of this story was published on Legalweek
Legacy Cobbetts partners could face a financial penalty of up to £100,000 if they choose to break the two-year lock-in set out in the failed firm’s pre-pack purchase agreement with DWF.
The former Cobbetts partners, who had their capital contributions protected following the Manchester firm’s collapse earlier this year, all joined DWF as fixed-share partners as part of the £3.8m distressed purchase.
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