Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) This section applies if an incorporated legal practice is the subject of both:
(a) the appointment of a Chapter 5 receiver; and
(b) the appointment of a Corporations Act administrator.
(2) The Chapter 5 receiver is under a duty to notify the Corporations Act administrator of the appointment of the Chapter 5 receiver, whether the appointment precedes, follows or is contemporaneous with the appointment of the Corporations Act administrator.
(3) The Chapter 5 receiver or the Corporations Act administrator (or both of them jointly) may apply to the Supreme Court for the resolution of issues arising from or in connection with the dual appointments and their respective powers, except where proceedings referred to in section 142 have been commenced.
(4) The Court may make the order it considers appropriate, and no liability attaches to the Chapter 5 receiver or Corporations Act administrator for any act or omission done by the receiver or administrator in good faith for carrying out or acting under the order.
(5) The Law Society is entitled to intervene in the proceedings, unless the Court decides the proceedings do not concern or affect the provision of legal services by the incorporated legal practice.
(6) The provisions of subsections (3) and (4) are declared to be Corporations legislation displacement provisions for section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act.
(7) In this section:
Chapter 5 receiver means a receiver appointed under Chapter 5.
"Corporations Act administrator" means:
(a) a receiver, receiver and manager, liquidator (including a provisional liquidator), controller, administrator or deed administrator appointed under the Corporations Act; or
(b) a person who:
(i) is appointed to exercise powers under that Act; and
(ii) is prescribed, or of a class prescribed, by the regulations.