LEGAL PROFESSION ACT 1987 - SECT 106 Termination of appointment of receiver

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 106

106 Termination of appointment of receiver

(1) The Supreme Court may:

(a) terminate the appointment of a receiver, and

(b) if it thinks fit, appoint a new receiver then or within the next 14 days.

(2) If a new receiver is appointed under subsection (1) (b), the former receiver shall:

(a) as soon as possible, and

(b) in compliance with any directions given by the Supreme Court,

transfer or deliver the receivable property to the new receiver.

Maximum penalty: 10 penalty units.

(3) If a new receiver is not appointed under subsection (1) (b), the former receiver shall, if the relevant solicitor or relevant associate so requires by notice in writing served on the receiver, transfer and deliver the receivable property to the solicitor or associate:

(a) as soon as possible, and

(b) in compliance with any directions given by the Supreme Court.

Maximum penalty: 10 penalty units.

(4) A former receiver is not required to comply with subsection (3) unless:

(a) the expenses of the receivership have been paid to the Law Society, or

(b) the Law Society Council otherwise directs in relation to those expenses.

(5) Subject to any directions given by the Supreme Court, a former receiver may, without being given a notice under subsection (3), transfer and deliver the receivable property to the relevant solicitor or relevant associate.