sec.135External administration proceedings under Corporations Act

### sec.135 External administration proceedings under Corporations Act This section applies to a proceeding in any court under the Corporations Act , chapter 5 — relating to a corporation that is a chapter 5 body corporate and that is or was an incorporated legal practice; or relating to a corporation that is or was an incorporated legal practice becoming a chapter 5 body corporate. 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. The court may, when exercising its jurisdiction in the proceeding, have regard to the interests of the clients of the incorporated legal practice who have been or are to be provided with legal services by the practice. Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act . Subsections (2) and (3) 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. The Corporations Act , section 5G , provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency. s 135 amd 2020 No. 15 s 138 (sec.135-ssec.1) This section applies to a proceeding in any court under the Corporations Act , chapter 5 — relating to a corporation that is a chapter 5 body corporate and that is or was an incorporated legal practice; or relating to a corporation that is or was an incorporated legal practice becoming a chapter 5 body corporate. (sec.135-ssec.2) 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. (sec.135-ssec.3) The court may, when exercising its jurisdiction in the proceeding, have regard to the interests of the clients of the incorporated legal practice who have been or are to be provided with legal services by the practice. (sec.135-ssec.4) Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act . (sec.135-ssec.5) Subsections (2) and (3) 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. The Corporations Act , section 5G , provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency. - (a) relating to a corporation that is a chapter 5 body corporate and that 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.