A trio of solicitors have been suspended from practising law for 12 months, and ordered to pay a total of £60,000 costs, following the collapse of a multi-million pound overseas investment scheme.

Michael Davies, Clare Taman and Charles Fraser-Macnamara of Sanders & Co, which closed in June after 41 years in business, were summoned to appear before the tribunal last week, accused of breaching Solicitors Regulation Authority rules.

The three were all hit with 12-month suspensions after a five-day hearing in London, while Mr Davies was ordered to pay £35,000 costs, Ms Taman was hit with a £17,500 costs bill and Mr Charles Fraser-Macnamara was ordered to pay £10,000 court costs.

Mr Fraser-Macnamara’s daughter Katie, who also worked for Sanders & Co, also appeared before the tribunal but no order was made against her.