Incorporated legal practice subject to receivership under this Act and external administration under other legislation
145 Incorporated legal practice subject to receivership under this Act and external administration under other legislation
(1) This section applies if an incorporated legal practice is the subject of both:
the appointment of a Chapter 5 receiver; and
the appointment of an external administrator.
(2) The Chapter 5 receiver is under a duty to notify the external administrator of the appointment of the Chapter 5 receiver, whether the appointment precedes, follows or is contemporaneous with the appointment of the external administrator.
(3) The Chapter 5 receiver or the external administrator (or both of them jointly) may apply to the Supreme Court for the resolution of issues arising from or in connection with the dual appointments and their respective powers.
(4) The Court may make the order it considers appropriate, and no liability attaches to the Chapter 5 receiver or external administrator for any act or omission done by the receiver or administrator in good faith for carrying out or acting under the order.
(5) 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.
In this section:
Chapter 5 receiver means a receiver appointed under Chapter 5.
external administrator means a person who:
(a) is appointed to exercise powers under other legislation (whether or not of this jurisdiction); and
is prescribed, or of a class prescribed, by the regulations.
This provision refers to the regulations (the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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