Queensland Consolidated Acts

LEGAL PROFESSION ACT 2007 - SECT 137

137 Incorporated legal practice that is subject to receivership under this Act and external administration under Corporations Act

(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 if a proceeding mentioned in section 135 has been started.

(4) The Supreme Court may make any orders it considers appropriate, and no liability attaches to the chapter 5 receiver or the Corporations Act administrator for any act or omission done by the receiver or administrator in good faith for the purpose of carrying out or acting under the orders.

(5) Each ILP authority is entitled to intervene in the proceeding, unless the court decides that the proceeding does 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 the purposes of the Corporations Act , section 5G , in relation to the provisions of chapter 5 of that Act.

(7) In this section—

"chapter 5 receiver" means a receiver appointed under section 512 .

"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 is appointed to exercise powers under that Act and who is prescribed under a regulation for this definition.