A legal firm in Bolton is going into administration after suffering "severe financial strain". Accident Injury Solicitors has announced that it is in the process of liquidation . The personal injury firm, which was based at Signature House on Blackburn Road, has now closed after being in business for 16 years.
It says that the liquidation follows "severe financial strain", which was made worse by regulatory reforms in personal injury law and the "challenging" post-pandemic landscape. The firm says it recognises that the liquidation may pose "hardship" for its creditors. A spokesperson for the firm said: "Accident Injury Solicitors Ltd announces it is entering liquidation following severe financial strain exacerbated by recent regulatory reforms in personal injury law.
"The significant downturn in revenue and the challenging post-pandemic landscape made it increasingly difficult to sustain operations. "The firm acknowledges the hardship this outcome may pose for its creditors, who have supported Accident Injury Solicitors over many years. "Despite our best efforts to adapt to the changing market conditions, the whiplash reforms in particular placed significant pressure on our business model, affecting client volume and profitability.
" Read more: Boss said firm's turnover was £200k to get £50k loan - despite it only being £354 Read more: Jewellery company director wrongly applied for £39K 'bounce back loan' Read more: Business director applied for £50,000 Covid loan despit.