A firm has closed down

There are two main reasons a firm may stop operating and close:

• The firm decides to close voluntarily. Arrangements for the closure of a practice are made by the firm.
• We decide to exercise our powers and end the firm's ability to practise. We call this an intervention into a practice. We intervene into a practice when we need to protect clients' interests and client money.

Clients, employees and trade creditors will be affected differently if we exercise our powers to intervene.

• If you are a client, there will be practical implications for you.
• If you are an employee, an intervention will have an effect on your employment.
• If you are a trade creditor, you will want to understand the liability of the practice.

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