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@Rayner Goddard

If you trade as an LLP or Limited Company, you may well be shielded from debts etc.. but not from the regulatory burdens.

If your firm goes under and you can't close it down properly and make sure the run off cover is in place then YOU commit a regulatory breach that the SRA can use to take you to the SDT and get a £1M cost order against you.

That's what I can't work out about KWM. Now they've gone under, aren't their partners liable for the regulatory breaches of going into administration and there being no money to close down properly and pay run off cover?

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