Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 76

76 Capped amount—Act, s 396

(1) For the Act , section 396 (5) , definition capped amount , the amount prescribed for a claim is $200,000.

(2) However, if more than 1 claim is to be paid from the fidelity fund in relation to a particular law practice for a default, the amount prescribed for each claim is the lesser of—

(a) $200,000; or

(b) the amount apportioned by the law society for the claim from a total amount of $2m to be paid from the fund for all of the claims in relation to the law practice for the default.

(3) In apportioning amounts for claims under subsection (2) (b) , the law society must—

(a) have regard to the amount that would have been paid from the fund for each claim if the payments were not limited under the Act , section 396 ; and

(b) have regard to cases of hardship if it knows relevant information; and

(c) endeavour to apportion the amounts equitably.