The High Court has backed the Solicitors Regulation Authority in denying a trustee in bankruptcy the right to deduct his costs from client funds held by a solicitors’ practice after the principals were made bankrupt.
The Solicitors Regulation Authority (SRA) has brought in the Insolvency Practitioners Association (IPA) to handle complaints against solicitor insolvency practitioners. It follows criticism by the Insolvency Service of the SRA.
Liverpool costs specialists yesterday claimed a “massive breakthrough” in a dispute about the recovery of ATE insurance in RTA portal cases that has seen thousands of cases stayed. The news came as the government announced a two-year moratorium on ending recoverability in insolvency cases.
The Solicitors Regulation Authority has had the tables turned after receiving a monitoring visit of its own from the Insolvency Service which then criticised the way it regulates solicitor insolvency practitioners.
The third edition of the SRA Handbook in just seven months has gone live after being approved by the Legal Services Board. A fourth edition in less than a year since the Handbook went live on 6 October 2011 should be necessary in June.