125External administration proceedings under Corporations

125 External administration proceedings under Corporations Act (1) This section applies to a proceeding in any court under the Corporations Act, chapter 5 (External administration)— (a) relating to a corporation that is a Chapter 5 body corporate under that Act and is or was an incorporated legal practice; or (b) relating to a corporation that is or was an incorporated legal practice becoming a Chapter 5 body corporate under that Act. (2) The law society council is entitled to intervene in the proceeding, (3) In exercising its jurisdiction in the proceeding, the court may have regard to the interests of the clients of the corporation who have been or are to be provided with legal services by the corporation. (4) Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act. (5) The provisions of subsections (2) and (3) are declared to be Corporations legislation displacement provisions for the Corporations Act, section 5G (Avoiding direct inconsistency arising between the Corporations legislation and State and Territory laws) in relation to the provisions of that Act, chapter 5. Note Subsection (5) ensures that that any provision of the Corporations Act or with which s (2) and (3) would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.