Revocation of Licence - Phoenix Law Chambers (2020-12-22)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it has revoked the corporate service provider licence of Phoenix Law Chambers (PLC), a sole proprietorship operated by Gordon Ricky Woolridge Jr. The Authority acted under Section 17 of the Corporate Service Provider Business Act 2012 after finding PLC in breach of the Minimum Criteria in Schedule 1 of that Act.

• Bankruptcy of sole proprietor: Mr. Woolridge, who also served as PLC's Compliance Officer and Money Laundering Reporting Officer, was declared bankrupt by the Supreme Court of Bermuda on 1 May 2019.
• Loss of legal practice registration: PLC ceased to be registered with the Bermuda Bar Association as a legal practice and continued operating only as a sole proprietorship.
• Non-compliance with Schedule 1: PLC became non-compliant with the CSPB Act's Schedule 1 requirements and was found incapable of delivering corporate service provider support.

The Authority states the revocation was taken to safeguard clients and potential clients of PLC and to protect the reputation of the jurisdiction, citing systemic weaknesses in PLC's internal controls. The notice is informational and does not impose new ongoing requirements on other regulated entities.

Applies to

Corporate Service Providers