Judgment in Solicitors Regulation Authority v. Duncan Neil Gibbins, Matthew Roy Edmund Dean, and Nicola Klimkowski at the Solicitors Disciplinary Tribunal.
A law firm that borrowed at least £8.9 million from Axiom Legal Financing Fund was taken over and closed down today by Britain's Solicitors Regulation Authority, which stated that "there is reason to suspect dishonesty".
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.
The Grand Court of the Cayman Islands has granted the Receivers of Axiom Legal Financing Fund the same powers as liquidators and, separately, asked the High Court of Justice in England and Wales - where much of the Fund's activity occurred - to recognize the receivership.