New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[History]
[Help]
LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 355
Termination of receiver's appointment
355 Termination of receiver's appointment
(1) The appointment of a receiver for a law practice terminates in the
following circumstances-- (a) the term (if any) of the appointment comes to an
end;
(b) the appointment is set aside under section 358;
(c) an order of the
designated tribunal that the appointment be terminated has taken effect.
(2)
The following provisions apply where a receiver for a law practice is
appointed by the designated tribunal-- (a) the designated local regulatory
authority or receiver may at any time apply to the designated tribunal for an
order terminating the appointment immediately or with effect from a specified
date;
(b) the receiver must apply to the designated tribunal for termination
of the appointment when the affairs of the law practice have been wound up and
terminated, unless the term (if any) of the appointment has already come to an
end.
(3) The designated tribunal may make any order it considers appropriate
in relation to an application under this section. Note: Section 325(2)
provides that certain orders of a court or tribunal of another jurisdiction
have effect in and in respect of this jurisdiction as if they were orders of
the designated tribunal.
(4) The appointment of a receiver is not stayed by
the making of an application for termination of the receiver's appointment,
and the receiver may accordingly continue to exercise his or her powers and
functions as receiver pending the designated tribunal's decision on the
application except to the extent (if any) that the tribunal otherwise directs.
(5) The former receiver must, as soon as practicable, transfer and deliver the
regulated property of the law practice-- (a) to another external intervener
appointed for the law practice within the period of 14 days beginning with the
day after the date of the termination; or
(b) to the law practice, if another
external intervener is not appointed for the law practice within that period
and if paragraph (c) does not apply; or
(c) to another person in accordance
with arrangements approved by the designated local regulatory authority, if it
is not practicable to transfer and deliver the regulated property to the law
practice.
(6) The former receiver need not transfer and deliver regulated
property to the law practice in compliance with subsection (5) unless the
expenses of receivership have been paid.
(7) The designated local regulatory
authority must serve a written notice of the termination on all persons
originally served with notice of the appointment.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback