Solicitors (Amendment) Act, 1994
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Sale of solicitor's practice in certain circumstances. |
33.—(1) Where, in relation to any solicitor or deceased solicitor to whom section 61 (as substituted by this Act) of the Principal Act or section 32 of this Act applies, the Society are of the opinion that the conduct of such solicitor or deceased solicitor, arising from his practice as a solicitor, has given, or is likely to give, rise to the Society making a grant or grants out of the Compensation Fund, the High Court may, on the application of the Society and after due notice to and after hearing such person or persons as the Court may think fit, authorise the Society to sell the practice of that solicitor (including, where appropriate, premises, furniture, fittings and equipment and goodwill of such practice), upon such terms, including such terms as to the temporary investment of the proceeds of sale of the practice pending the hearing of an application under subsection (3) of this section as the Court thinks fit. | |
(2) (a) Where the Society have sold the practice of a solicitor or deceased solicitor pursuant to subsection (1) of this section, the Society shall, within a period of four weeks following the date of completion of the sale, make application to the High Court for directions as to the manner in which the proceeds of such sale are to be applied. | ||
(b) Notice of such application shall be given by the Society in at least one daily newspaper circulating in the area in which the solicitor or deceased solicitor carried on practice not less than 10 days prior to the hearing of the application, and the notice shall state that persons having claims against the solicitor or deceased solicitor may attend the hearing. | ||
(3) On an application made to the High Court pursuant to subsection (2) (a) of this section, the Court may, after hearing such person or persons as the Court may think fit, by order direct that the proceeds of sale, or such part thereof as the Court thinks fit, of the practice of the solicitor— | ||
(a) be paid to the Compensation Fund, or | ||
(b) be held in trust by the Society for such period and on such terms as to the investment of such proceeds as the Court may specify, and the Court may make one or more orders in exercising its powers under this subsection. | ||
(4) (a) Where the High Court orders that any proceeds of the sale of a practice be kept in trust for a specified period under subsection (3) (b) of this section, the Society shall cause notice of the making of that order to be given in at least one daily newspaper circulating in the area in which the solicitor or deceased solicitor carried on practice. | ||
(b) Notice of the making of an order under subsection (3) (b) of this section shall, in addition, indicate that persons having claims against the solicitor or deceased solicitor should furnish details of their claims to the Society within 21 days of the date of publication of such notice or such longer period as the High Court may order, and the Society shall keep a record of all such claims received. | ||
(5) (a) The Society shall, prior to the expiry of the period specified by the High Court pursuant to subsection (3) (b) of this section and after the expiry of the time limit for the furnishing of claims pursuant to subsection (4) (b) of this section, apply to the Court for directions as to the disposal of any proceeds of sale of a practice held in trust by the Society pursuant to subsection (3) (b) of this section. | ||
(b) On an application under this subsection, the Society shall furnish to the High Court a list of all claims against the solicitor or deceased solicitor received by the Society, and the Court may direct that notice of the application for directions be given to such person or persons as the Court thinks fit. | ||
(6) The High Court may, on the application of the Society and after due notice to and after hearing such person or persons as the Court thinks fit, make such order or orders as the Court thinks fit to facilitate the completion of the sale of the practice of a solicitor or deceased solicitor sold or to be sold pursuant to subsection (1) of this section, including orders as to the transfer of property, the discharge of encumbrances and the indemnifying by the Society of any purchaser of such practice. |