UKFCI Watch List · Distressed Claims Firms · v2

Top 15 LF Borrower Firms · Distress & Heavy Lifting Borrowings

UK CMC and solicitor firms backed by litigation funders, ranked by visible financial distress markers: insolvency status, net liabilities, accounts overdue, large outstanding charges, going concern warnings, and funder withdrawals.

RED · in admin or near collapse AMBER · material distress or warning GREY · scale risk, structure to monitor

Distress Bucket A · Confirmed Collapses (Already Failed)

1

SSB Group Limited

Sheffield · Cavity wall insulation, PI
In administration Jan 2024Debts £200m+6 LF funders
Status
Administration extended into 2026, FRP Advisory administrators
Headline debt
£200m+ at administration, £63m owed to Katch Fund Solutions alone
Creditor claims
51 creditors with £28m claims to date
Funders
Katch, plus five other LF funders
Collapse template for the sector. WIP transferred to JMR Solicitors (cavity wall) and Cheval Legal (3,000 other cases). Clients pursued for adverse costs after ATE declined to pay. LSB found SRA regulatory failure.
2

Pure Legal Limited / Pure Business Group

North west · Housing disrepair, cavity wall, mortgage
In administration Nov 2021Unsecured creditors £40m+2% WIP recovery
Status
In administration since November 2021, Kroll Advisory administrators
Headline debt
£11m to lenders (Novitas £1.85m, Perspective £6.1m, Close £4.6m CBILS)
Unsecured
£40m+ creditor claims, near zero distribution expected
Admin costs
£7m+ to date
28,000 cases at peak. WIP valued at £30m but only £451k actually recovered. Forced into admin by Novitas and Perspective. Cited by CJC as the systemic warning shot.
3

AWH Solicitors Ltd (M8 Trading Ltd)

Manchester / Blackburn · Clinical neg, NIHL, PI, housing
Admin intent Feb 2026Funder withdrew capital
Status
Notice of intention to appoint administrator filed February / March 2026
Cause
Funder declined further capital, per director Abdul Hussain
WIP
Transferred to other practices ahead of admin filing
First 2026 casualty. Director on record: "the market simply isn't there". Includes prior acquisitions Roebucks Solicitors and Roberts Jackson, both bought out of administration.
4

Hampson Hughes Solicitors

Liverpool · Personal injury, medical negligence
In administration Oct 2021£2m clawback action
Status
Administration October 2021, Leonard Curtis and Grant Thornton
Clawback
Letters before action issued to recover over £2m from six parties (loans, overpayments, antecedent transactions)
Staff
20+ redundant, protective award claims filed
Predecessor template. Same pattern: high volume PI, leveraged structure, rescue plan failed, WIP transferred, claims firms inherited cases.

Distress Bucket B · Heavy Lift Borrowing & Net Liabilities (Active)

5

Courmacs Legal Ltd

Blackburn · CN 13185687 · SRA 819044
Net liabilities £29.2mLT borrowing £217mPS26/3 challenger
Accounts y/e
28 Feb 2025 (next: 28 Feb 2026, due 30 Nov 2026)
Long term borrowing
£216.9m (up from £11.1m prior year)
Total assets
£198m (WIP £177m)
Net liabilities
£29.2m
Charges
Eram Capital Holdings (Sept 2024 fixed charge), 401 Capital Fund LP (2023, outstanding)
Headcount
14 to 41 employees in 12 months
Long term borrowing of £216.9m and net liabilities of £29.2m at y/e 28 Feb 2025 per filed accounts. Acting for circa 4 million motor finance claimants per MD Darren Smith. Consumer Voice (Courmacs vehicle) is one of four parties bringing legal challenges to PS26/3.
6

Pogust Goodhead

London · Group litigation
Debt circa £500mMaterial uncertainty going concernCEO ousted Nov 2025
Filed accounts
y/e 31 Dec 2022 (late filing), going concern uncertainty disclosed
Funder
Gramercy Funds Management £453m original, plus $65m further tranche post CEO removal
Headline issue
BHP raising governance challenges over funder control. Lavish spending allegations against founder Tom Goodhead.
Single largest LF facility in legal history. Group action specialist (BHP / Mariana Dam, dieselgate). 2023 accounts still outstanding as of last reporting. The structural example of LF dependency at scale.
7

Slater and Gordon UK Limited

Manchester · CN 07931918 · PI, group action
Prior going concern warning£33m Harbour facilityPE owned (Allegro)
Accounts y/e
31 Dec 2024 (filed), next due 30 Sept 2026
Recent history
2023: £2.9m loss, revenue halved to £77.6m. 2024: Discontinued operations now £0.1m profit (vs £2.2m loss prior).
Funder
Harbour Litigation Funding £33m 5 year facility (2023)
Background
Allegro Funds (Australian PE) acquired 2023 following Anchorage Capital write off of £386m secured debt 2017/18
Survivor of one prior near collapse. Now restructured under PE. Diversified revenue gives buffer but the structural LF dependence is locked in. Auditor previously flagged working capital facility availability as key judgement.

Distress Bucket C · Regulatory Pressure & Visibility Concentration

8

The Claims Protection Agency Limited (TCPA)

CMC · Multiple trading names
FCA enforcement openJR application dismissedAppeal refused
FCA action
Enforcement investigation opened Sept 2025
Court
High Court dismissed TCPA JR Oct 2025. Court of Appeal refused permission Dec 2025.
Trading names
My Claim Group, Martin's Tips, Karen's Claims, Express PCP, The PCP Guys
Regulatory risk now compounding any funding risk. FCA confirmed dozens of open investigations across the CMC sector.
9

Sentinel Legal Services Limited

London · CN 07959029 · PCP specialist
PCP single product concentrationFunding structure private
Accounts y/e
31 March 2025 due by 31 Dec 2025
Last accounts
y/e 31 March 2024
Stated recovery
£500k compensation handed back (per website)
Marketed as the UK's leading PCP investigation firm. Single product concentration risk on PS26/3 outcome. Funding facility not disclosed at Companies House but marketing spend implies external capital.

Distress Bucket D · Active LF Borrowers, Watch Closely

10

HD Law (Hadgkiss Hughes & Beale / HD Claims)

Kevin Durkin · Johnson v FirstRand winner
PS26/3 challengerLitigation revenue model
Won the only successful 2025 Supreme Court motor finance case. Revenue stream depends on court route surviving PS26/3 attempts to channel claims through scheme. Public position is that the FCA scheme undervalues compensation.
11

Consumer Rights Solicitors

Kavon Hussain · Supreme Court respondents
PS26/3 criticCourt route dependent
Acted as respondents in the August 2025 Supreme Court motor finance cases. Public stance that lawyer involvement is not over. Same dependency as HD Law on court route surviving.
12

Bond Turner Limited

Liverpool · CN 05770681 · PI, complex injury, claim.co.uk panel
Multi product PICharges to monitor
Accounts y/e
31 Dec 2025 due by 30 Sept 2026
Last accounts
y/e 31 Dec 2024 filed
Linked entity
claim.co.uk panel operator
North west volume claims firm. Funding structure not in latest summary but charges history requires close monitoring. Lead generation via claim.co.uk panel implies marketing spend that requires capital.
13

Bott and Co Solicitors

Wilmslow · ABS · PCP, flight delay, RTA, cycling
Diversified mixPCP exposure
Estimated revenue
circa $24.5m annual
Headcount
51 to 100 employees
Track record
Triggered the FCA investigation via Mrs Young v Black Horse
Product diversification across PCP, flight delay, RTA and cycling. ABS structure means equity flexibility. Exposure to PCP outcome remains.
14

Johnson Law Group UK (JLG Legal Ltd)

London / Manchester · Group action specialist
ASA ruling Sept 2025US parent
SRA
664813
Focus
Diesel emissions group action (Ford, Mercedes Benz, Peugeot, Citroen, Renault, Nissan)
Regulatory
ASA upheld against advertising practices Sept 2025
US parent (Johnson Law Group) provides some buffer. UK arm still LF dependent for the diesel emissions slate. Less PCP exposure than the rest of the list.
15

Justizia Ltd (formerly Phillipson Hardwick Ltd)

Lancaster · CN 11626146 · SRA 656089
Tax rebate / lending / housing disrepairFunder: Seven Stars Legal
Accounts
Filed (no longer overdue)
Trading names
Justizia Law, Irresponsible Lending Experts, Housing Disrepair Advice
Charges
Seven Stars Legal Limited, all assets and undertaking, created Sept 2025
Reputational
TrustPilot 2.5/5 from 10 reviews, complaints re unauthorised R40 filings to HMRC
Companies House accounts now filed. Renamed from Phillipson Hardwick Ltd Feb 2024. Funded by Seven Stars Legal Limited under an all-assets charge.

Funder Side · Top Capital Providers Already Hit or At Risk

Novitas / Close Brothers
£183m+ provisions on the legacy legal book. Exited new lending July 2021. £100m capital injection from Close Brothers parent.
Gramercy Funds Management
£453m Pogust Goodhead facility plus $65m further. BHP raising funder control governance challenge.
Eram Capital Holdings
Courmacs Legal fixed charge Sept 2024 (per Companies House charge register).
Katch Fund Solutions
£63m exposure to SSB Group. Forced administration.
Perspective Investment Fund
£6.1m secured against Pure Legal. Co forced administration alongside Novitas.
401 Capital Fund LP
Outstanding fixed charge on Courmacs Legal April 2023.
Harbour Litigation Funding
£33m committed facility to Slater and Gordon UK (renewed £30m 2024).
Sun Capital Partners
Fletchers Group PE owner, backing extended beyond 2030. Currently a buyer of capacity, not a distressed funder.

Cascade Mechanic · Concise

  1. WIP is collateral. If PS26/3 delays or fails, WIP does not realise on funder timelines.
  2. LF debentures cover all assets. Demand letters trigger administration. SSB and Pure Legal proved the mechanic.
  3. ATE insurers are the next failure point. Adverse cost cover may not pay out, leaving clients and firms exposed.
  4. FCA, SRA, ICO, ASA joint taskforce active. Dozens of open investigations. Regulatory pressure compounds the funding pressure.
  5. Inheritor firms (JMR, Cheval, Recovery First panel in prior cycle) absorb WIP at distressed prices but inherit regulatory scrutiny.

Interactive Charts · Nature of Changes Over Time

Three views of how the distressed borrower landscape has shifted. Hover or tap any data point for source detail. All data drawn from Companies House filings, Law Gazette, Legal Futures, administrator reports.

Chart 1 · Watch List Composition by Bucket Over Time

Stacked bar chart of how the 15 firm watch list has shifted between distress buckets each year. Click a bucket label to toggle its visibility.

Chart 2 · Risk Score Distribution Across the 15 Firm Watch List

Horizontal bar chart of internal OCC Risk Score (0 to 100) per firm. Hover a bar for firm specific distress markers.

Chart 3 · Courmacs Legal Long Term Borrowing Trajectory

Line chart of Courmacs Legal long term borrowing growth versus net liabilities, year on year. Hover any point for the underlying event driving the change.

Sources: www.ukfci.com, Companies House (Courmacs CN 13185687, Justizia CN 11626146, Sentinel Legal Services CN 07959029, Bond Turner CN 05770681, Slater and Gordon UK CN 07931918, Fletchers Solicitors CN 05743784), Law Gazette, Legal Futures, City AM, FCA PS26/3 and statements, SRA news, LSB SSB review, Civil Justice Council costs report, Bloomberg Law, Financial Times.

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Disclaimer: this briefing is published for general information and market intelligence purposes only. It draws on public filings, regulatory announcements and press reporting available at the date of publication, and is not legal, financial, regulatory or investment advice. Where firms and entities are named, references are limited to publicly available facts on Companies House and other public registers, judgments and reporting at the date of publication; positions may have changed since. No statement in this briefing is intended to allege wrongdoing by any named firm, funder, director or other party. Readers should verify the current position of any entity against live sources before acting on any information here. UK Financial Claim Intelligence and OCC Software Limited accept no liability for any action taken or not taken in reliance on the contents.