Axiom Ince, the buyer of ailing U.K. law firms Ince & Co and Plexus Law, is to close down “by the end of the week”, according to three people with knowledge of the situation.

The closure follows serious claims of financial misconduct made against the firm’s former managing partner and owner, Pragnesh Modhwadia. Earlier this summer, Axiom Ince successfully obtained a freezing order for £57,522,510 against Modhwadia, as well as a preservation order for at least £64,584,904.60 allegedly paid away from Axiom’s client account since May 2021.