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I have no idea what the specific circumstances of this firm are, but previously in this situation the 'closed down' company still has significant client balances to work through and resolve. If that is the case the SRA may have decided that the remaining management, if there is any, is incapable of dealing with that, or that client monies are otherwise at risk.

Sometimes there is also the need to get hold of client papers and records if there is no provision for these to be stored securely.

Given the significant costs of intervention there will be some issue of that nature.