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Provisions in relation to certain accounts kept by a solicitor at a bank.
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32.—(1) Where—
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(a) a solicitor is adjudicated a bankrupt or enters into a composition with his creditors or a deed of arrangement for the benefit of his creditors or dies insolvent, and
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(b) the sum at the credit of the client account kept by the solicitor at a bank in accordance with regulations made under section 66 of the Principal Act, or, where two or more such accounts are kept by the solicitor, the total of the sums at the credit of the said accounts, is less than the total of the sums received by the solicitor in the course of his practice on behalf of his clients and remaining due by him to them,
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then, notwithstanding any rule of law to the contrary, the sum at the credit of the said client account, or where the solicitor has kept two or more client accounts the total of the sums at the credit of those accounts, shall be divisible proportionately amongst the clients of the solicitor according to the respective sums received by the solicitor in the course of his practice on behalf of his clients and remaining due by him to them.
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(2) For the purposes of this section no account shall be taken—
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(a) of any account at a bank kept by the solicitor in his own name for a specified client,
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(b) of sums received by the solicitor in the course of his practice on behalf of that client and remaining due by him to the client so far as represented by the sum in the bank account in the name of the solicitor for the client,
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(c) of any account at a bank kept by the solicitor in his own name for moneys of any trust of which the sole trustee is the solicitor or the trustees are the solicitor with a partner, clerk or servant of his or with more than one of such persons, or
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(d) of sums received by the solicitor in the course of his practice on behalf of that trust and remaining due by him to the trust so far as represented by the sum in the bank account in the name of the solicitor for the trust.
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(3) Where the Official Assignee in Bankruptcy is appointed a trustee by the High Court under section 25 of the Trustee Act, 1893, in respect of any account or accounts kept by a solicitor at a bank in accordance with regulations made under section 68 of the Principal Act, there shall be payable in the Bankruptcy Office such court fees as are payable on a realisation account of the Official Assignee in a bankruptcy matter.
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(4) For the purposes of this section any reference to an account at a bank shall include a reference to a deposit receipt at a bank.
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