What needs to be done in order to close a trust bank account when the law firm is winding up?
To close a trust account, the law firm must be sure that all trust funds are distributed to the parties entitled to them or make written arrangements for the transfer of funds to the trust account of another law firm and the assumption by that law firm of the trust obligations applicable to those funds or pay the money to the Law Society. A final Annual Law Firm Report (Form S) and Annual Accountants Report (Form T) are required to be filed upon close of the trust account and prescribed financial records.
