We recognise that there are circumstances when you may need to close down your firm, for example, due to retirement or illness. In those circumstances we need to be satisfied that you have effectively dealt with the orderly winding down of your practice.
Be closed to the public with all signs removed from buildings, the website taken down and telephone lines no longer in operation
Written to all clients regarding ongoing matters
Dealt with all client monies
Notified CILEx Regulation that you have closed
Taken out run-off cover
Paid for the run-off premium within three months (it is important that you do this otherwise run-off cover will be revoked by the insurer)
Informed CILEx Regulation where files are stored
We will expect you to have achieved all the above within three months of the date of closure.
Our Guidance on the orderly closure of your firm has been put together to help you consider a number of issues to ensure that the interests of your clients and others are fully protected. If you are unable to finish a case, then we would expect you to assist clients in finding another firm to take over the work.
Please remember that this is not an exhaustive list and there may be matters that you need to address in addition to this guidance.
We would encourage all firms to contact CILEx Regulation as soon as possible when planning to close so we can provide further guidance and support through this time.