Further to Peter Hargreaves' letter headlined ICS missed point of Towry Law deal, I would like add that I believe he is correct in his assessment and share his view that the deal is wrong.
The liquidation of Advizas was the most likely outcome of the situation for some time during the protracted discussions that took place during the share suspension.
Of course, if this happened, the directors of Advizas would no longer be fit and proper and could not hold a directorship in a regulated company.
Clearly, this would have caused problems for the current Towry Law directors, who, of course, were the directors of Advizas.
Was this really an option? I do not believe so.
Over the last year, the staff turnover at Towry Law has risen fourfold as many find it hard to believe that the senior management continue to be rewarded for demonstrable ineptitude.
We can see from the press this week that Towry continues to lose its best staff to the competition and perhaps this is the price for these management failings. The sting in the tail will no doubt come as AMP realise they have not acquired a prime brand but rather a mediocre financial services company with comp-uter systems that still do not work despite having cost £10m in the last accounting period.
I have joined the ranks of those who have left since the ill-fated Advizas acquisition and we now outnumber the current Towry Law staff.
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