355Termination of receiver’s appointment

355 Termination of receiver’s appointment

355 Termination of receiver’s appointment

(1) The appointment of a receiver for a law practice terminates in the following circumstances—

(a) the term (if any) of the appointment comes to an end;

(b) the appointment is set aside under section 358;

(c) an order of the designated tribunal that the appointment be terminated has taken effect.

(2) The following provisions apply where a receiver for a law practice is appointed by the designated tribunal—

(a) the designated local regulatory authority or receiver may at any time apply to the designated tribunal for an order terminating the appointment immediately or with effect from a specified date;

(b) the receiver must apply to the designated tribunal for termination of the appointment when the affairs of the law practice have been wound up and terminated, unless the term (if any) of the appointment has already come to an end.

(3) The designated tribunal may make any order it considers appropriate in relation to an application under this section.

Note

Section 325(2) provides that certain orders of a court or tribunal of another jurisdiction have effect in and in respect of this jurisdiction as if they were orders of the designated tribunal.

(4) The appointment of a receiver is not stayed by the making of an application for termination of the receiver’s appointment, and the receiver may accordingly continue to exercise his or her powers and functions as receiver pending the designated tribunal’s decision on the application except to the extent (if any) that the tribunal otherwise directs.

(5) The former receiver must, as soon as practicable, transfer and deliver the regulated property of the law practice—

(a) to another external intervener appointed for the law practice within the period of 14 days beginning with the day after the date of the termination; or

(b) to the law practice, if another external intervener is not appointed for the law practice within that period and if paragraph (c) does not apply; or

(c) to another person in accordance with arrangements approved by the designated local regulatory authority, if it is not practicable to transfer and deliver the regulated property to the law practice.