The boss of a law firm shut down by regulators who “suspected dishonesty” has been declared bankrupt at the High Court in London.

Richard Clive Hallows, of Wold Court, Hawarden, was deemed by the Solicitors Regulation Authority (SRA) to have given reason to suspect dishonesty on his part and ordered to close his Mold practice (Hallows Associates) in February.

The panel decided to stage an ‘intervention’ – a serious step which sees a practice shut “to protect clients’ interests and money, in the public interest”.

The SRA has not published details of its grounds for suspecting the dishonesty.

Mr Hallows, 60, was formally declared bankrupt at a hearing in the Rolls Building of the High Court, London, last week by Judge Middleton.

The declaration bars Mr Hallows from holding a directorship or setting up a company without permission from a court until July 30, 2019.

The official record lists him as a solicitor despite the order made by the SRA that his company should be closed down.

The SRA “can intervene if there are grounds to intervene such as suspected dishonesty, and an intervention is needed to protect the public.”

Its powers include shutting a firm down and taking possession of all money held by the firm, including that of its clients.

(Image: Daily Post Wales)

The oversight body, which rules on complaints against solicitors, insists an intervention is neither a take-over nor closing down of a firm.

Stephensons Solicitors LLP are acting as the ‘Intervening Solicitors’ in the case of Hallows Associates.

Being bankrupt means he must not:

  • borrow more than £500 without telling the lender you’re bankrupt
  • act as a director of a company without the court’s permission
  • create, manage or promote a company without the court’s permission
  • manage a business with a different name without telling people you do business with that you’re bankrupt
  • work as an insolvency practitioner (an authorised debt specialist)

On the Companies House website Mr Hallows is still currently listed as company secretary for Tramstack Ltd, a company which develops building property and rents and leases them out.

However there is no suggestion that the firm has acted improperly in any way.



Source link

Content Disclaimer 

This Content is Generated from RSS Feeds, if your content is featured and you would like to be removed, please Contact Us With your website address and name of site you wish to be removed from.

Note:

You can control what content is distributed in your RSS Feed by using your Website Editor.   If you are looking to make money from running your own business at home, visit the links below.

Computers and Software Buyers Guide

Compare Computers and Laptops

Mobile Phones Buyers Guide

Compare Mobile Phones