Legal Profession Act 2007

The law society may treat a concerted interstate default as if the default consisted of 2 or more separate defaults—

1 of which is a default to which this part applies, if this jurisdiction is the relevant jurisdiction for 1 or more of the associates involved; and

the other or others of which are defaults to which this part does not apply, if another jurisdiction or jurisdictions are the relevant jurisdictions for 1 or more of the associates involved.

The law society may treat a claim about a concerted interstate default as if the claim consisted of—

1 or more claims made under this part; and

1 or more claims made under a corresponding law or laws.

A claim about a concerted interstate default is to be assessed on the basis that the fidelity funds of the relevant jurisdictions involved are to contribute—

in equal shares in relation to the default, regardless of the number of associates involved in each of those jurisdictions, and disregarding the capping and sufficiency provisions of those jurisdictions; or

in other shares as agreed by the law society and the corresponding authority or authorities involved.

Subsection (3) does not affect the application of the capping and sufficiency requirements of this jurisdiction in relation to the amount payable from the fidelity fund after the claim has been assessed.