Ten employees also lost their jobs.
A sign in the company’s office window directs inquiries to solicitors Foot Anstey, which has offices in Plymouth and Exeter.
Established in 1882, the firm specialized in residential and commercial property work, divorce, civil disputes, wills, trust and probate.
The Solicitors Regulation Authority regulates about 100,000 solicitors in England and Wales. When a solicitor has been declared bankrupt, the SRA can intervene and appoint an authorized agent to deal with the practice’s client accounts.
A spokesperson said: “The SRA has intervened on the grounds of bankruptcy. Foot Anstey has been appointed to take over the files and deal with client accounts so the practice can be wound up in an orderly manner and client accounts are protected.”