A general view of skyscrapers in The City of London financial district seen from City Hall in London, Britain, May 8, 2021. REUTERS/Henry Nicholls Acquire Licensing Rights
Oct 2 (Reuters) – British law firm Axiom Ince on Monday sought to appoint administrators, likely spelling the end for the troubled firm after police launched a criminal probe following claims its former managing director misappropriated client money.
The firm filed a notice of its intention to appoint administrators at London’s High Court on Monday afternoon, according to court records.
The Solicitors Regulation Authority (SRA), which regulates solicitors in England and Wales, has also intervened into Axiom Ince, effectively shutting the firm down, the legal website RollOnFriday reported on Monday.
RollOnFriday cited an internal Axiom Ince email it said was sent to staff, stating that the firm’s insurance coverage had expired and that “the majority of colleagues” would be made redundant.
Spokespeople for Axiom Ince and the SRA did not immediately respond to emailed requests for comment outside business hours.
Axiom Ince’s website was no longer online on Monday. The latest developments strongly signal that Axiom Ince will not survive in its current form, just months after it acquired other legal firms including the previously listed Ince & Co.
Axiom Ince’s former managing director Pragnesh Modhwadia and two other senior lawyers at the firm were suspended by the SRA in August, with Modhwadia suspended for suspected dishonesty.
The SRA’s decision prompted an exodus of lawyers to other firms, with several more announced as leaving on Monday.
Axiom, which has no connection to U.S. legal services provider Axiom Law, is suing Modhwadia in London and has obtained a 64.5 million-pound ($78.7 million) freezing order over his assets.
London’s Metropolitan Police said last week that it had opened an investigation into the firm following a referral by the SRA.
Modhwadia’s lawyer Timur Rustem was not immediately available for comment on Monday. He said last week that Modhwadia had been “doing his utmost” to resolve the situation.
Read more:
UK police launch investigation into law firm Axiom Ince
UK-listed law firm Ince to seek sale after creditor bows out
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