509Ending of receiver’s appointment

509 Ending of receiver’s appointment (1) The appointment by the Supreme Court of a receiver for a law practice ends in the following circumstances: (a) the term (if any) of the appointment ends; (b) a decision of the Supreme Court that the appointment be ended takes effect. (2) The Supreme Court may, on application by the law society council or the receiver made at any time, determine that the appointment be ended immediately or with effect from a stated date. (3) A receiver for a law practice must apply to the Supreme Court to end the appointment when the affairs of the practice have been wound up and ended, unless the term (if any) of the appointment has already ended. (4) On application under subsection (3), the Supreme Court may make the order that it considers appropriate. (5) The appointment of a receiver is not stayed by the making of an application for ending the receiver’s appointment, and the receiver may continue to exercise their functions as a receiver pending the Supreme Court’s decision on the application, except to the extent (if any) that the Supreme Court otherwise directs. (6) The former receiver must transfer and give the regulated property of the law practice to— (a) another external intervener appointed for the practice, if another external intervener is appointed for the practice not later than 14 days after the day the former receiver’s appointment ends; or (b) someone else in accordance with arrangements approved by the law society council, if it is not practicable to transfer and give the regulated property to the practice; or (c) the practice, if paragraphs (a) and (b) do not apply. (7) However, the former receiver need not transfer and give regulated property to the law practice in accordance with subsection (6) unless the expenses of receivership have been paid.