(1) The appointment of a receiver for a law practice terminates in the
following circumstances—
(a) the term of the appointment, if any, comes to
an end;
(b) the appointment is declared invalid or terminated under
section 531;
(c) a termination of the appointment by the law society takes
effect.
(2) The law society may, by written notice, terminate the
receiver’s appointment on or after a date stated in the notice.
(3) After a
receiver’s appointment terminates, the former receiver must transfer and
deliver the regulated property of the law practice to—
(a) another
external intervener for the law practice appointed within 14 days after the
day the termination takes effect; or
(b) the practice, if another
external intervener is not appointed as mentioned in paragraph (a) and
paragraph (c) does not apply; or
(c) another person under arrangements
approved by the law society, if it is not practicable to transfer and deliver
the regulated property to the practice.
(4) However, the former receiver need
not transfer and deliver regulated property of the law practice under
subsection (3) unless the receiver’s expenses for the external intervention
have been paid.
(5) The law society must give a notice under subsection (2)
to all persons originally given a copy of the notice of appointment.
