Truro-based law firm Follett Stock will face a winding up petition from Her Majesty’s Revenue and Customs (HMRC) next week.
A petition to wind up Follett Stock, on Truro Business Park, was presented on August 19 by the commissioners for HMRC, claiming to be creditors of the company.
The case will be heard by the Royal Courts of Justice on Monday (September 30).
In anticipation of the hearing, the Cornwall Law Society has put together an action plan to help clients should Follett Stock run into trouble.
Cornwall Law Society president, Jeremy Harvey, told legal industry trade publication, The Lawyer: “The failure of any business is very sad, whatever the reason, as it has such serious repercussions for clients and staff. There have been rumours about the stability of Follett Stock both in relation to finances and other issues, so this comes as no surprise.
“The Cornwall Law Society committee concluded at its meeting last week that we should have a contingency plan in place in the event that a law firm failed in the county. That plan has now been written and will be effective once any announcement about the future of the firm is official.”