New details have emerged of apparent asset-stripping by an insolvent British law firm - Rohrer & Co Limited - that owes Cayman Islands-domiciled Axiom Legal Financing Fund £8.3 million.
A Cayman Islands judge has authorized the Receivers of Axiom Legal Financing Fund to take legal action in Canada, the Isle of Man, and Switzerland in an attempt to recover assets for investors, including an application to remove Andrew Andronikou as administrator of British law firm Rohrer & Co.
Investors in Axiom Legal Financing Fund should be extremely concerned by the note that Cayman Islands judge Angus Foster circulated earlier this week seeking what are essentially 'affidavits of reassurance' from a dubious group that has proposed a ridiculous scheme
A decision on whether to place Axiom Legal Financing Fund into Receivership or allow it to be restructured by a group associated with those responsible for its insolvency and fraudulent activity will not be delivered until next Tuesday at the earliest.
Letter to investors of Axiom Legal Financing Fund from Joseph Egerton, of City Equities Limited, soliciting a proposal for the purported continuation of the Fund.