The SRA has closed down a firm. What happens now?
When we close down a firm, we take the documents and money controlled by the practice.
- We freeze the firm's bank accounts and arrange for the funds to be transferred to the SRA.
- We ask an intervention agent to act for us. The agent takes the firm's papers so they can be held safely.
- The agent or the SRA tries to return the papers and money held by the practice to the people they belong to.
Our intervention agent tries to contact all clients who have ongoing, current cases that were being handled by an intervened firm to tell them we have closed down the firm. Our Intervention Archives Department contacts clients if we find a will, deed or other document of record, such as a power of attorney, that is theirs. The intervention agent asks the client for instructions about what should happen to their file or document.
We keep safe the documents and money taken from an intervened firm until we are able to return them to the people they belong to. We may not be able to return papers and money straight away if
- the firm's accounts have not been kept properly,
- money or papers have gone missing,
- we cannot contact the people they belong to.
What we do not do