Letting agent has spent the deposit and has no money
My letting agent took the deposit for one of my flats and quite correctly protected it through TDS using the insurance scheme.
However, he has now fallen on hard times and has spent the deposit - along with most everything else. He appears to have no assets and his limited company certainly has no assets. The tenancy has come to and end and the tenants have moved out; they have now raised a case with TDS.
Is there anything I can do here? A legal case wouldn't help as there's no way to enforce any kind of fine?
Do I need to pay back the deposit to the tenants?
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