New South Wales Consolidated Acts

LEGAL PROFESSION ACT 2004 - SECT 156

156 External administration proceedings under Corporations Act 2001 (Cth)

(1) This section applies to proceedings in any court under Chapter 5 (External administration) of the Corporations Act 2001 of the Commonwealth:

(a) relating to a corporation that is an externally-administered body corporate under that Act, or

(b) relating to a corporation becoming an externally-administered body corporate under that Act,

being a corporation that is or was an incorporated legal practice.

(2) The Law Society Council and the Regulator are entitled to intervene in the proceedings, unless the court determines that the proceedings do not concern or affect the provision of legal services by the incorporated legal practice.

(3) 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.

(4) Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act 2001 of the Commonwealth.

(5) The provisions of subsections (2) and (3) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act 2001 of the Commonwealth in relation to the provisions of Chapter 5 of that Act.

Note: Section 5G of the Corporations Act 2001 of the Commonwealth provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.