UK law firm Axiom Ince has been closed down by the Solicitors Regulation Authority (RSA) after it filed a notice with London’s High Court of its intention to appoint administrators.
In a statement, the regulator said the action had been necessary to protect the interests of clients and former clients of the firm.
News of the troubled firm’s closure comes after police launched a criminal probe into allegations of financial misappropriation at the firm and RSA’s suspension of Axiom Ince’s former managing director Pragnesh Modhwadia and two other senior lawyers, with Modhwadia suspended for suspected dishonesty.
“We will stop the firm from operating, take possession of all documents and papers held by the firm, and take possession of all money held by the firm (including clients’ money). We are not responsible towards employees or trade creditors of firms that we have intervened in,” RSA said.
Axiom Ince, formerly Axiom DWFM, this year bought out of separate administrations international shipping law firm Ince & Co. Other law firms have been appointed to deal with all matters currently held by Axiom Ince, with former Ince & Co offices in Bristol, Cardiff and London now being handled by Shakespeare Martineau.
