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Unfortunately for the SRA, Mr Philip's letter overlooks the facts that (a) there was believed to be an underlying transaction (ie, the building of houses as part of the Ecohouse development and the funding of that development) and (b) documents relating to the matter indicated that the firm would be carrying out due diligence to ensure that investors' funds were not paid out of the escrow account in vain.

The situation is therefore more complicated than (for example) Halliwells LLP v NES Solicitors [2011] EWHC 947 (QB).

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