127Incorporated legal practice subject to receivership under

127 Incorporated legal practice subject to receivership under this Act and external administration under Corporations Act (1) This section applies if a corporation that is or was 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 tell the Corporations Act administrator of the appointment of the chapter 5 receiver, whether the appointment precedes, follows or happens at the same time as 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 relation to the dual appointments and their respective powers, except if proceedings mentioned in section 125 (External administration proceedings under Corporations Act) have 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 honestly for the purpose of carrying out or acting in accordance with the orders. (5) The law society council is entitled to intervene in the proceeding, (6) The provisions of subsections (3) and (4) 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 (6) ensures that that any provision of the Corporations Act or with which s (3) and (4) would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency. 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 is appointed to exercise powers under that Act and who is prescribed by regulation for this definition.