External administration proceedings under Corporations Act
142 External administration proceedings under Corporations Act
This section applies to proceedings in any court under Chapter 5 of the Corporations Act:
relating to a corporation that is an externally-administered body corporate under that Act; or
relating to a corporation becoming an externally-administered body corporate under that Act;
being a corporation that is or was an incorporated legal practice.
The Law Society is entitled to intervene in the proceedings, unless the court decides the proceedings do not concern or affect the provision of legal services by the incorporated legal practice.
The court may, when exercising its jurisdiction in the proceedings, have regard to the interests of the clients of the incorporated legal practice who have been or are to be provided with legal services by the practice.
Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act.
The provisions of subsections (2) and (3) are declared to be
Corporations legislation displacement provisions for section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act.
Note for subsection (5)
Section 5G of the
Corporations Act provides that if a Territory law declares a provision of a Territory law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the Territory provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.
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