Termination of receiver's appointment
602 Termination of receiver's appointment
(1) The appointment by the Law Society of a receiver for a law practice terminates in the following circumstances:
the term (if any) of the appointment comes to an end;
the appointment is set aside under section 606;
(c) a decision of the Society that the appointment be terminated has taken effect.
(2) The Society may decide in writing that the appointment be terminated, and the termination takes effect immediately or with effect from a specified date.
(3) The former receiver must, as soon as practicable, transfer and deliver the regulated property of the law practice to:
(a) another external intervener appointed for the practice within the period of 14 days beginning with the day after the date of the termination; or
(b) the practice, if another external intervener is not appointed for the practice within that period and if paragraph (c) does not apply; or
(c) another person in accordance with arrangements approved by the Society, if it is not practicable to transfer and deliver the regulated property to the practice.
(4) The former receiver need not transfer and deliver regulated property to the law practice in compliance with subsection (3) unless the expenses of receivership have been paid by the Society.
(5) The Society must serve a written notice of the termination on all persons originally served with notice of the appointment.
This Act’s bill:Explanatory statementSecond reading speech
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