Firm closure

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This subtopic sets out the regulatory requirements to consider when putting in place a plan or procedure for closing your firm and practical help on compiling the plan itself.

Firm closure plan—compulsory?

There is no formal requirement to have a firm closure policy, however SRA Guidance says that when closing down your practice, you should plan the closure well in advance, where possible. Larger firms may need to prepare a detailed plan and should have a contingency plan for closure, merger or sale in the event of serious difficulties arising.

Closing a practice involves taking numerous steps and requires forward planning.

SRA

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