After two years of defecting lawyers, redundancies and tumbling profits the debt-laden firm obtained a moratorium by filing a notice at court last Thursday amidst growing rumours.

A statement issued on behalf of Halliwells at the end of last week said:

“Halliwells is in advanced discussions for the transfer of the business in its entirety to another highly- regarded firm of solicitors, due to events that have adversely impacted the finances of the firm.

“These are the result of high property costs exacerbated by the current economic climate which affected the profitability of the firm. The underlying business remains strong and has attracted interest from a number of parties.

“To provide Halliwells with a period of stability to facilitate this transfer the firm has entered into a moratorium to protect the interests of clients and other stakeholders and to ensure business continues as usual.” (Yorkshire Evening Post)

According to CityAM, it is understood that Halliwells is in discussion with Hill Dickinson to transfer a large portion of its business in Manchester.