Kent firm shut by SRA on Christmas Eve
Kent-based County Solicitors has been forced to shut its doors after an intervention by the Solicitors Regulation Authority (SRA) on Christmas Eve.
Kent-based County Solicitors has been forced to shut its doors after an intervention by the Solicitors Regulation Authority (SRA) on Christmas Eve.
The regulator decided to close the Herne Bay-headquartered firm, as well as its Broadstairs, Margate and Gillingham offices, on 24 December 2019 having identified a need to protect the interests of the firm’s clients and former clients.
County Solicitors was the product of a pre-pack sale after conveyancing firm Foster Mackay (trading as Fosters Law) went into administration in 2016.
It paid around £80,000 for its share of the defunct firm and was led by six directors previously involved with Fosters.
Meanwhile, the rest of Fosters Law was acquired by The Foster Partnership (TFP) for £120,000.
It is reported that creditors lost around £1m in unpaid debts as a result of the terms of the acquisition.
TFP shut down in October following an intervention by the Council of Licensed Conveyancers. The CLC also cited a need to protect clients as its reason for intervening in the firm, as well as breaches of its code of conduct.
Wigan-based Stephensons Solicitors has been appointed as the intervening agent for both firms.