Collapse of solicitors and lost share certificates

john9159

I had share certificates which were held in safekeeping with my solicitor John Poyser Solicitors, 5a High Lane, Chorlton, Manchester, M21 9DJ.

I recently noticed their office was closed and online research showed that Poyser had wound up due to irregularities by one of its solicitors.

I contacted the Solicitors Regulatory Authority who replied saying "the practice had closed down (!) and I should contact John Poyser via a link which they gave me.

This link was for Poyser's website which no longer existed.

Another enquiry resulted in the SRA giving me details of Immisol Solicitors who had taken on some of Poyser's files but mine was not among them.

Immisol Solicitors contacted the liquidator who also said they do not have my file.

I contacted the SRA several times who repeatedly gave the same information as previous with the link to Poyser's website.

After a final strong but politely worded email to the SRA I was advised that they would look into the matter further but could not guarantee I would hear from them, which I haven't for about four months now.

I would obviously like to recover the share certificates as they are valuable documents and I am consolidating my finances and intend to sell most of the shares. 

Has anyone any thoughts of whom I can approach in an effort to recover the share certificates or to make a complaint against the SRA?

Keep_pedalling

I would not waist any more time trying to find the originals, you still own the shares (unless the dodgy solicitor sold them) so contact the share registry who handle the company involved.

https://www.ft.com/content/8e5336d0-2b97-11e9-88a4-c32129756dd8

eskbanker

Keep_pedalling said:

I would not waist any more time trying to find the originals, you still own the shares (unless the dodgy solicitor sold them) so contact the share registry who handle the company involved.

But the cost involved in obtaining replacement certificates, and the associated indemnities, could be significant, especially if there are numerous companies, so that needs to be weighed up against the benefit of making faster progress.

john9159

Yes I am concerned at the costs and certainly need to recover these from someone if I have to pay for replacements.

eskbanker

john9159 said:

Has anyone any thoughts of whom I can approach in an effort to recover the share certificates or to make a complaint against the SRA?

Returning to the original question, have you seen/considered this?

https://www.sra.org.uk/sra/complaints-service/

ArbitraryRandom

A solicitor should have run off insurance for 6 years - if you establish the firm lost your goods in their keeping and then face a cost to secure replacements then you should have a fairly straightforward claim... 

If I were you, I'd ask the SRA to confirm if the firm held indemnity insurance (inc run off cover) and who with. 

TELLIT01

john9159 said:

Yes I am concerned at the costs and certainly need to recover these from someone if I have to pay for replacements.

You obviously would wish to recover costs but who can these be claimed from if the solicitors have gone out of business?  It's a genuine question not a criticism.

user1977

TELLIT01 said:

john9159 said:

Yes I am concerned at the costs and certainly need to recover these from someone if I have to pay for replacements.

You obviously would wish to recover costs but who can these be claimed from if the solicitors have gone out of business?  It's a genuine question not a criticism.

As above, there should be insurance continuing. The fact the solicitors are no longer trading does not in itself affect their liabilities.

john9159

eskbanker said:

john9159 said:

Has anyone any thoughts of whom I can approach in an effort to recover the share certificates or to make a complaint against the SRA?

Returning to the original question, have you seen/considered this?

https://www.sra.org.uk/sra/complaints-service/

Yes I have made complaints through the SRA's online form and they have fobbed me off each time.
Their last message read they will investigate further but "cannot guarantee I will get a reply".

eskbanker

john9159 said:

eskbanker said:

john9159 said:

Has anyone any thoughts of whom I can approach in an effort to recover the share certificates or to make a complaint against the SRA?

Returning to the original question, have you seen/considered this?

https://www.sra.org.uk/sra/complaints-service/

Yes I have made complaints through the SRA's online form and they have fobbed me off each time.
Their last message read they will investigate further but "cannot guarantee I will get a reply".

But have you been complaining to the SRA or about the SRA (via the independent reviewer)?

john9159

ArbitraryRandom said:

A solicitor should have run off insurance for 6 years - if you establish the firm lost your goods in their keeping and then face a cost to secure replacements then you should have a fairly straightforward claim... 

If I were you, I'd ask the SRA to confirm if the firm held indemnity insurance (inc run off cover) and who with. 

I have contacted the SRA about this and will report back, if they bother to reply.
Thanks