The firm’s imminent collapse had been an open secret for weeks prior to the closure

The Solicitors Regulation Authority closed down law firm Axiom Ince with immediate effect following its intervention. The firm operated 14 branches in England and Wales and employed over 1400 people. The move involves all of its offices and makes all staff redundant.

The closure follows much speculation over the firm’s ability to operate as its insurance cover had expired. The SRA had suspended the individual practices of directors Pragnesh Modhwadia, Idnan Liaqat and Shyam Mistry in August. In a statement, the SRA said the action had been necessary to protect the interests of clients and former clients of the firm.

In a statement, the SRA said, “An intervention means we have closed a firm with immediate effect. 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.”