LEGAL PROFESSION ACT 1987 - SECT 47R External administration proceedings under Corporations Law

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 47R

47R External administration proceedings under Corporations Law

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

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

(b) relating to a corporation becoming such a body corporate,

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

(2) The Law Society Council and the Commissioner are entitled to be a party to any such 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 any such 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 (even if those interests conflict with the interests of the creditors or shareholders of the practice). This subsection does not authorise the court to make any decision that is contrary to a specific provision of Chapter 5 of the Corporations Law .

(4) Parts 8 (Receivers) and 8A (Managers) do not apply to corporations that are or were incorporated legal practices.