Butler & Hosch, one of the largest foreclosure law firms in the country with 11 offices and about 700 attorneys and staff nationally, has abruptly closed its doors and filed an assignment for the benefit of creditors in Florida state court.

Employees were stunned by the news delivered at 5 p.m. Thursday via a conference call with a GrayRobinson attorney hired for the wind down. Employees were not laid off but were told the firm could not make payroll.