61Law practice closing down, closing office or ceasing to receive or hold trust money

61 Law practice closing down, closing office or ceasing to receive or hold trust money

(1)  In this regulation –

law practice includes a former law practice and the persons who were principals of a law practice immediately before the law practice ceased to exist as a law practice or to engage in legal practice in this jurisdiction.

(2)  A law practice that holds trust money must give the prescribed authority at least 14 days' written notice of its intention –

(a) to cease to exist as a law practice; or

(b) to cease to engage in legal practice in this jurisdiction; or

(c) to cease to practise in such a way as to receive or hold trust money.

(3)  Within 14 days of ceasing to hold trust money, a law practice that holds trust money must give the prescribed authority –

(a) written notice of that fact; and

(b) if the practice has not given a notice under subregulation (2) within the previous 28 days, a notice that complies with that subregulation.

(4)  A notice under this regulation must include particulars sufficient to identify –

(a) a law practice's general trust accounts and controlled money accounts; and

(b) trust money controlled by the practice (or by an associate) pursuant to a power; and

(c) trust money invested by the practice.