Solicitors should be duty-bound to notify their regulator of financial
difficulties before they go insolvent, KPMG has recommended.
The Big Four firm is currently working with the Solicitors Regulation
Authority to see how the financial stability of Solicitor firms affect the
public interest, according to lawgazette.co.uk. Currently firms only have to
notify the SRA when they become insolvent.
KPMG’s report also recommended a new core duty on financial management as
part of the solicitors’ rules
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies