Keep up to date with the latest news delivered direct to your Inbox.
Truro Solicitors Forced to Shut Down by Regulator
7:03am 7th November 2013
A Cornish firm of solicitors has been closed down.
The watchdog says it had to step in to protect clients of Follett Stock in Truro.
The firm had already been facing a winding up order by the taxman.
Now the Solicitors Regulation Authority says it is satisfield what it calls a "relevant insolvency event had occured."
The closure is with immediate effect but the SRA said it was not responsible for employees or trade creditors of the firm.
Documents and money are being seized from the firm's offices at Threemilestone, Exeter, Bristol and London.
In a statement the SRA said: "An intervention was necessary to exercise the powers of intervention in order to protect the interests of clients (or former or potential clients), or the interests of the beneficiaries of any trust of which Mr [Martin] Pearse, Mr [Chris] Lingard, Follett Stock LLP and FSHL Limited are or were a trustee
"We will stop the firm from operating, take possession of all documents and papers held by the firm (including clients' papers), and take possession of all money held by the firm (including clients' money).
"The SRA has appointed an agent to deal with all matters currently held by Follett Stock. The agent will assess all ongoing matters and deal with those of greatest urgency first. All clients with ongoing matters will be contacted shortly by the SRA or the agent. The SRA's archive team will take control of all archived documents and files held by the firm."
Helen Herniman, Director of Client Protection, said: "In cases like these were the firm has become insolvent, we only intervene once all other options have been exhausted. We have had to intervene on this occasion as there was a clear risk to clients' interests caused by the firm's financial difficulties.
"The legal services market is facing a tough economic environment and other firms may find they are in a similar position. We'd urge all those who may be struggling financially to get in touch as soon as possible with either ourselves at the SRA, or other organisations that can offer advice such as their local law society."
Share This StoryTweet
Man 'Punched' In Truro Loses Two Teeth
Police appeal launched after an assault outside a nightclub
Fears Major Roadworks Will Force Businesses To Shut
Bodmin's three main roads will be closed from tonight
Job Losses At Building Supplies Firm With Branches Across Cornwall
We do not know which Travis Perkins sites will be affected
Pensioner Dies After A30 Crash
Police say the 84 year old's car hit the central reservation at Launceston
Care Worker Jailed For Pensioner's Murder
Cornwall News: Karen Pedley from Carharrack handed 14 life sentences
Dozens ill as 'chemical incident' closes London City Airport
National News: Paramedics have treated 26 people after London City Airport was closed and evacuated over reports of a "chemical incident".
Business Cornwall News - Friday, 18th December 2015
Business Cornwall News: Cornwall is spearheading reform of the Uk’s business licensing laws following a a year-long project.
Actress Shailene Woodley 'tells the truth' of her arrest
Showbiz News: Shailene Woodley has written an article "telling the truth" about her arrest for protesting against the Dakota oil pipeline.
Experimental Mars probe crash-landed and may have exploded
World News: A space probe that was supposed to look for signs of life on Mars has crash-landed and may have exploded, the ESA has confirmed
England forward Kruis out due to ankle surgery
Sports News: England forward George Kruis will be out for "a number of weeks" after having ankle surgery, say his club Saracens.
Shark-cage diver 'reborn' after close encounter with great white
Strange News: A man who survived a face to face encounter with a great white shark says he feels "reborn" after the terrifying incident.