Fabien Risk Services ("FRS") has been put into Creditors' Voluntary Liquidation.

On 15 June the High Court ordered the winding up of Whiteley Insurance Consultants on public interest grounds.

In the legend the phoenix was a bird which died in fire, and from this fire a new phoenix rose from the ashes. In the same way we talk about a phoenix firm when one firm arises from the 'ashes' of another.

Exeter Fund Managers (EFM) went into administration on 4th March 2005 because it was likely to become insolvent as a result of civil claims relating to marketing material it issued in relation to investments in split capital trusts.