Law firm Quinn Legal Advocates is being wound up with provisional debts of more than £800,000.
It is now subject to a creditors’ voluntary liquidation.
Director James Quinn, who founded the company in 2009, called a meeting of creditors as the company was unable to pay its debts as they fell due.
The creditors’ meeting was held on September 14 when it was resolved that Paul Shimmin, of Shimmin Wilson chartered accountants, be appointed liquidator and that a committee of inspection be appointed to assist him.
Creditors have until October 11 to lodge the particulars of their debts or claims.
As of the date of the winding up process beginning, the claims received from creditors totalled £837,946.
That figure could go up as and when more creditors’ claims are received. But it could also go down as the claims have to be validated and not all may be accepted.
It is understood that Quinn Legal has between 20 and 40 secured and unsecured creditors – but again the exact figure won’t be known until all creditor claims have been lodged and validated.
The liquidator’s job will be to recover all the assets and distribute the realised funds to the creditors on a preferential basis.
Another meeting of creditors will then be called when a resolution will be put to apply to the Company Registry to have the firm formally struck off.
Quinn Legal rented its Ridgeway Street premises.
Announcing in March that the company was to close Quinn Legal said in a statement: ‘Despite the firm’s success, it is for personal reasons that James has made the difficult decision to close the business at this time.
‘Clients are being informed and advised on how to proceed with their legal matters and staff are being supported in their transition to new employment.’
In the statement, Mr Quinn expressed his thanks to clients and staff who have supported the firm over the last 14 years.
He said: ‘This has been an ongoing process for some time now and there has been a natural reduction over the last year or so as people have moved on and not been replaced.’
The few remaining staff were redeployed by the time of the closure.