9.6 C
New York
Wednesday, March 12, 2025
HomeHeadline newsLaw firm Axiom Ince on brink of ‘collapse’

Law firm Axiom Ince on brink of ‘collapse’

Date:

Related stories

Trump reverses plan for 50% per cent tariffs on Canadian steel and aluminum

US President Donald Trump has walked back his threat...

Ukraine posts subtle hint with ‘handshake emoji’ regarding the progress with US relations

High-level diplomatic talks between the United States and Ukraine...

Indian Americans favor Biden’s India policy over Trump’s, survey reveals

A recent survey conducted by the Carnegie Endowment for...

Indian student Praveen Kumar shot dead in US, second such incident in months

The Consulate General of India in Chicago has expressed...

Trump warns NATO allies: ‘No payment, no protection’

U.S. President Donald Trump has once again raised doubts...

AXIOM INCE is set to collapse into administration following allegations of fraud at the law firm, media reports have said.

It filed an application “to give notice of an intention to appoint an administrator”, the Law Society Gazette said, citing a court notice published on Monday (2).

Axiom’s website has remained down, giving credence to the expectations that it is heading for a closure.

Met Police officers last week opened an investigation into Axiom after a referral from the Solicitors Regulation Authority (SRA) which noticed a £64 million hole in the firm’s client account.

Axiom’s managing director Pragnesh Modhwadia has been suspended on the suspicion of “dishonesty”. The regulator also suspended the firm’s two other partners – Shyam Mistry and Idnan Liaqat – who had allegedly failed to comply with statutory rules on keeping solicitors’ accounts.

- Advertisement -

But Mistry moved the High Court, challenging his suspension.

“We are aware of a report made by the Solicitors Regulation Authority,” Scotland Yard said in a statement last week, adding that detectives from its Specialist Crime Command “have launched an investigation and enquiries are ongoing.”

Exodus continued from Axiom and media reports on Monday evening said its last remaining employees were exiting.

Axiom could not be reached for comment.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories