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What happens to my money 3c

What happens to my money?

When an intervention takes place, the Solicitors Regulation Authority (SRA) takes possession of all the monies (through an Intervention Agent) held by the intervened firm on behalf of their clients.

I am a client of an intervened firm

An Intervention Agent, such as ourselves, examines the accounts to determine which clients are owed money. This process can take some time depending on the state of the intervened firm’s accounts.

If an intervened firm is holding money on your behalf, you should complete a Claim Form which can be found under “Download further information”. Return this to the SRA’s Compensation Fund at their Claims Management Unit (CMU) along with any supporting documentary evidence including your identification documentation. They will consider your claim and contact you directly.

It’s unlikely you’ll receive any monies from the SRA until this process has been completed. If new solicitors are acting on your behalf, they can advise you on this and the SRA Compensation Fund Rules 2011.

I am a third party

If you are a creditor, you’ll need to contact the former principal(s) of the intervened firm directly, or their administrators (as applicable), as neither the Intervention Agent nor the SRA takes over responsibility for payment of any trading debts of an intervened firm.

If you believe monies relating to a fee due to you were held by an intervened firm at the time of intervention, you may be able to make a claim. Complete and return the Claim Form which can be found under “Download further information” to the SRA’s Compensation Fund with your supporting documentary evidence.

They will consider your claim on a case-by-case basis in line with the SRA Compensation Fund Rules 2011. However, it’s generally not possible for payment to be granted without the consent of the relevant client.

What if I owe money to an intervened firm?

If you owe money to an intervened firm for outstanding invoices, costs and disbursements, your liability for payment is unaffected by the intervention.

It is advisable not to remit payment direct to the intervened firm, but to the Intervention Agent instead. They will account to the SRA for any payments received.

What if I have received an invoice after the intervention?

A principal(s) of an intervened firm still has a right to recover costs for work carried out prior to the intervention. So, if the intervened firm carried out work on your behalf for which you were not invoiced prior to the intervention, you may receive an invoice in respect of such work, after the intervention.

It is advisable not to remit payment direct to the intervened firm, but to the Intervention Agent instead.

As settlement of the invoice is a matter for you, you may wish to seek advice from new solicitors before providing payment.

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