SCHEDULES
SCHEDULE 16The Law Society, solicitors, recognised bodies and foreign lawyers
Part 2The Administration of Justice Act 1985 (c. 61)
I1119
1
Paragraph 32 of that Schedule (intervention by Society) is amended as follows.
2
In sub-paragraph (1)(a)—
a
for “Council are” substitute “
Society is
”
,
b
after “recognised body” insert “
or a manager of such a body
”
, and
c
for “it” substitute “
the body or manager
”
.
3
For sub-paragraph (1)(c) substitute—
c
a relevant insolvency event occurs in relation to a recognised body; or
4
In sub-paragraph (1)(d)—
a
for “Council have” substitute “
Society has
”
,
b
for “officer” substitute “
manager
”
, and
c
for “that body's” to the end substitute—
i
that body's business,
ii
any trust of which that body is or was a trustee,
iii
any trust of which the manager or employee is or was a trustee in his capacity as such a manager or employee, or
iv
the business of another body in which the manager or employee is or was a manager or employee or the practice (or former practice) of the manager or employee; or
5
After sub-paragraph (1)(d) insert—
e
the Society is satisfied that it is necessary to exercise the powers conferred by Part 2 of Schedule 1 to the 1974 Act (or any of them) in relation to a recognised body to protect—
i
the interests of clients (or former or potential clients) of the recognised body,
ii
the interests of the beneficiaries of any trust of which the recognised body is or was a trustee, or
iii
the interests of the beneficiaries of any trust of which a person who is or was a manager or employee of the recognised body is or was a trustee in that person's capacity as such a manager or employee;
6
After sub-paragraph (1) insert—
1A
For the purposes of this paragraph a relevant insolvency event occurs in relation to a recognised body if—
a
a resolution for a voluntary winding-up of the body is passed without a declaration of solvency under section 89 of the Insolvency Act 1986;
b
the body enters administration within the meaning of paragraph 1(2)(b) of Schedule B1 to that Act;
c
an administrative receiver within the meaning of section 251 of that Act is appointed;
d
a meeting of creditors is held in relation to the body under section 95 of that Act (creditors' meeting which has the effect of converting a members' voluntary winding up into a creditors' voluntary winding up);
e
an order for the winding up of the body is made.
7
Omit sub-paragraph (2).