Leyne, Strauss-Kahn & Partners, the financial services firm that was headed by former International Monetary Fund chief Dominique Strauss-Kahn and late financier Thierry Leyne, said on Wednesday that it is insolvent.

The Luxembourg-based firm said in a short statement written in French that after the "tragic death" of Leyne, the board had discovered "additional commitments within the group of which it was unaware and which aggravate the delicate financial situation." It added: "Consequently it [the board] has decided to declare insolvency".