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.
Insolvent Ashton Fox Solicitors owes failed Cayman Islands-domiciled Axiom Legal Financing Fund "approximately £60.8 m" but that is only an estimate "due to the paucity of the Company's accounting records", reported the law firm's joint administrator on May 15.
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.
A three-way battle has emerged for control of Axiom Legal Financing Fund, which was exposed as a fraud by OffshoreAlert two months ago. Proposals for receivership, liquidation, and restructuring are scheduled to be heard over two days at the Grand Court of the Cayman Islands starting on January 31, 2013.