Pre Insurance Schemes Deposit

Tenancy Deposits

I have a tenancy that was set up before the new(ish) deposit laws came in. The deposit was held by the Lettings Agent, as stated in the tenancy agreement.

The lettings agent has subsequently gone bankrupt & the hope of getting this deposit back looks non existent, since it was taken pre schemes & uninsured.

I assume I am not liable for this deposit, as the money was never passed to me & the contract states that the agent would hold the deposit. I just want to be sure as the tenant has started saying I chose the agent so it's down to me...

Thank you