THE former boss of disgraced law firm Axiom Ince, where over £60m of client money went missing, now faces a bankruptcy petition.

Former lawyer Pragnesh Modhwadia has been named as a debtor in a bankruptcy petition filed to the High Court last Friday.

Modhwadia used to be the boss of

Axiom Ince, formally known as Axiom DWFM, until the firm collapsed last year and caused a fallout in the legal market.

He came into the limelight after the acquisition of Ince Group from administration. Not long after he acquired Ince, the Solicitors Regulation Authority (SRA), intervened and suspended him and other lawyers over misusing client money.

Modhwadia's headaches have yet to stop with a bankruptcy petition launched against him by the administrators of IGD Realisations, IGD Services Realisations and IGD Holdings Realisations.

According to an administrator's progress report published last November on IGD Realisations, of the total £2.2m agreed by Axiom, there was an outstanding £1m to be paid.

(c) 2024 City A.M., source Newspaper