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There is a difference between going into liquidation, ceasing to trade and ceasing to practice. There is a clearly set out procedure for firms intending to go down this route, including sorting run off cover. You cannot take on new clients but you can still trade and practice after date of entering liquidation. Obligations to clients continue whilst in liquidation. Having gone through this process (although without being insolvent ) my guess is that If SRA intervened it was because firm didn't comply or appeared unlikely to comply in the future. A solicitor is not permitted to just shut up shop and leave clients in the lurch. Creditors might be a different matter but it will be clients interests motivating the SRA.