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Barclays cancels salary payments for all KWM EUME staff

By Kathryn Higgins

11 January 2017 at 07:25 BST

Staff at King & Wood Mallesons will no longer receive weekly salary payments for January.


KWM EUME managing partner Tim Bednall has informed staff that no one will be getting paid in the run up to the firm’s administration later this month. The announcement follows a decision by Barclays, the firm’s main lender, not to authorise salaries and other ‘essential’ payments. The message from Mr Bednall to the firm’s employees 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.’

KWM has declined to issue a public statement about the canceled salaries.

Sources: The Lawyer; Legal Week


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