- Wednesday, February 26, 2025
According to the regulator, the move was made ‘to protect’ interests of the closed company’s clients — both current and former
By: Shubham Ghosh
THE Solicitors Regulation Authority (SRA) on Tuesday (3) shut down troubled law firm Axiom Ince which was on the brink of collapse.
According to the regulator, the move was made “to protect” interests of the closed company’s clients — both current and former, Legal Futures reported.
The development comes in the wake of closing down of individual practices of Axiom’s chief executive Pragnesh Modhwadia and associates Idnan Liaqat and Shyam Mistry.
The Legal Futures report added that the company had just sought to appoint administrators in any case. The SRA has also reported concerns to the Metropolitan Police.
The SRA’s intervention covers as many as 14 offices across the UK.
“As there are on-going investigations related to this matter, no further details can be disclosed,” the SRA was quoted as saying by the Legal Futures report. “It is only if further action become necessary that any information is released into the public domain. There is no timescale for how long this work will take.”
Modhwadia’s practice was closed on the grounds that there was “reason to suspect dishonesty” on his part as well as violation of other rules.
Legal website RollOnFriday recently cited an internal Axiom Ince email it said was sent to the staff members, mentioning that the firm’s insurance coverage had expired and that “the majority of colleagues” would be made redundant, Reuters reported.
Axiom Ince’s website was not available online on Monday and the latest developments indicate that Axiom Ince will not survive in its current form, just months after it acquired other legal firms including the previously listed Ince & Co, the Reuters report added.
