Three directors with the firm which saved Plexus Legal and Ince from collapse have been shut down by the SRA.
Pragnesh Modhwadia, Idnan Liaqat and Shyam Mistry, from national firm Axiom Ince (formerly Axiom DWFM), were each subject to intervention by the regulator today.
The move immediately prevents any of the individuals from being able to practise but does not affect the regulatory status of the firm itself, meaning it can continue to trade as usual.
Modhwadia was the managing partner of Axiom DWFM and founded its predecessor firm Axiom Stone Solicitors. He is subject to intervention of the basis of suspected dishonesty and a failure to comply with Solicitors Act rules.
Mistry, who was head of personal injury and medical negligence, and Liaqat, who was head of commercial, investment and residential property, were both subject to intervention on the grounds of suspected breaches of solicitor rules.
According to Companies House, the trio are all active directors of Axiom Ince Limited, the company formed in May 2023 after Axiom DWFM had bought the Ince Group through a pre-pack administration deal. Modhwadia had been quoted in the announcement accompanying the acquisition.
He also spoke following the purchase of Plexus Group by Axiom Ince Limited last month, saying at the time that the ‘acquisition cements our commitment to further growth whilst safeguarding jobs and looking after client interests in increasingly turbulent financial and legal markets’.
In a statement today, attributed to a spokesperson for Axiom DWFM, the firm said all three directors subject to intervention had been suspended for failure to comply with code of conduct and account rules.
The spokesperson said: ‘The SRA have suspended Pragnesh Modhwadia, Idnan Liaqat and Shyam Mistry. The reasons given are failure to comply with accounts rules and the solicitors’ code of conduct and the misappropriation by Pragnesh of very significant sums of money.
‘The SRA have confirmed that the firm continues to operate, and the directors and partners have taken immediate steps to protect the business, our clients and our employees whose wellbeing remains our priority as we navigate the best and most viable way to proceed.’
