LEGAL PROFESSION ACT 2007 - SECT 512
Appointment of receiver
LEGAL PROFESSION ACT 2007 - SECT 512
Appointment of receiver
512 Appointment of receiver
(1) This section applies if the law society decides to appoint a receiver for
a law practice.
(2) The law society may, in the law society approved form,
appoint a person as receiver.
(3) The appointee must be— (a) an Australian
legal practitioner who holds an unrestricted practising certificate; or
(b) a
qualified accountant with experience in law practices’ trust accounts;
and
may, but need not, be an employee of the law society.
(4) The instrument of
appointment must— (a) identify the law practice and the receiver; and
(b)
indicate that the external intervention is by way of appointment of a
receiver; and
(c) state any conditions imposed by the law society when the
appointment is made; and
(d) state any fees payable by way of remuneration to
the receiver for carrying out his or her duties for the external intervention;
and
(e) provide for any legal costs and expenses that may be incurred by the
receiver for the external intervention.
(5) The instrument of appointment may
state— (a) the term, if any, of the appointment; and
(b) any reporting
requirements to be observed by the receiver.
