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    KWM financials “more mismanaged than BHS”

    11:51, January 11 603 0

    A leading insolvency practitioner has said King & Wood Mallesons’ (KWM) financial situation in Europe has been “more mismanaged than BHS” after even its administrators walked away over concerns they would not be paid.

    Exclusive: Barclays tells KWM to cancel all salaries with immediate effect

    14:12, January 10 296 0

    UPDATE: Shortly after this story was published KWM EUME managing partner Tim Bednall told all staff that the firm will no longer be able to pay any salaries at all. The internal message, seen by The Lawyer, reads: “Barclays, our bankers, indicated to me on Thursday evening that they were not willing to approve the salary payments due to you. I made a proposal to the bank on Friday to counter this, asking that essential payments including salaries be paid. This proposal was rejected on Friday. I made a further proposal to ensure salary payments could be made on Sunday and this, also, was rejected. A final proposal was submitted to the bank last night and, with deepest regret, this too was rejected this morning.” A KWM spokesperson declined to comment.