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CLOSING YOUR PRACTICE

The hardening professional indemnity insurance market has led to firms closing down and in turn a focus on ensuring this is done in an orderly fashion. This is not always happening.

The process for surrendering your CLC licence is outlined on the CLC website, including a Sample Exit Plan detailing what needs to be done. We would generally expect to receive a minimum of six weeks' notice. Remember that you should notify us if your firm is at risk of financial distress.

One of biggest risks in rapid closure is retaining enough staff to complete transactions, including post-completion work. A really effective business continuity plan will contain the delegations needed to close down a firm in certain circumstances, such as the death of an owner.

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