Case study 2:
Axiom Incwe Limited V Modhwadia and the others
In a complex and high-profile case, our firm successfully guided the liquidation proceedings of Brockley Hill Limited and Pragma Homes Limited, two property companies owned by Pragnesh Modhwadia, the former head of the collapsed law firm Axiom Ince.
The Background: Pragnesh Modhwadia, once a director at Axiom Ince, found himself under scrutiny after the Solicitors Regulation Authority (SRA) suspended him and other directors. The subsequent investigation uncovered a significant financial discrepancy of around £64 million missing from the client account of Axiom Ince. This money was used to purchase properties and fund construction projects, as well as to acquire law firms Ince & Co and Plexus Legal.
Our Role: We stepped in to navigate the intricate liquidation processes for Brockley Hill Limited and Pragma Homes Limited, ensuring that all legal requirements were met and that the interests of creditors were protected.
Brockley Hill Limited:
○ Entered voluntary liquidation following a winding-up resolution.
○ Despite having assets worth £285,000, it owed £2 million to Axiom Ince Limited and £180,000 to a
contractor in West London.
○ The liquidation was managed by joint liquidators from Evelyn Partners LLP and Leonard Curtis Recovery
Limited.
Pragma Homes Limited:
○ Alsoentered voluntary liquidation.
○ Heldassets of £1 million but had debts amounting to £300,000 to Axiom Ince Limited and £720,000 to various trade creditors.
○ Thesamejoint liquidators were appointed.
Challenges: Managing these liquidations was particularly challenging due to the significant financial discrepancies and the involvement of multiple regulatory bodies. Modhwadia’s extensive history with 30 companies, several of which are now dissolved or under receiver action, added another layer of complexity.
Outcome: Our diligent handling of the liquidation process ensured a structured and legally compliant outcome. We were able to protect the interests of the creditors and ensure transparency and accountability throughout the proceedings.
This case highlights our expertise in managing complex financial and regulatory challenges, demonstrating our commitment to achieving the best possible outcomes for our clients.
Let's Talk
DAVID ORCHARD
13 Hanover Square
LONDON
W1S 1HN
Copyright©2024 DAVID ORCHARD - All Rights Reserved