Part III Professional Practice, Conduct and Discipline of Solicitors
Powers of Council to intervene
41 Appointment of judicial factor.
Where the Council, in exercise of any power conferred on them by F1rules made by virtue of section 34(1D) or the accounts rules, have caused an investigation to be made of the books, accounts and other documents of a solicitor F2or an incorporated practice, and, on consideration of the report of the investigation, the Council are satisfied—
(a)
(b)
that, F5, in the case of a solicitor, in connection with his practice as such, either—
(i)
his liabilities exceed his assets in the business, or
(ii)
his books, accounts and other documents are in such a condition that it is not reasonably practicable to ascertain definitely whether his liabilities exceed his assets, or
(iii)
there is reasonable ground for apprehending that a claim on the Guarantee Fund may arise F6; or
(c)
that, in the case of an incorporated practice, either—
(i)
its liabilities exceed its assets, or
(ii)
its books, accounts and other documents are in such a condition that it is not reasonably practicable to ascertain definitely whether its liabilities exceed its assets, or
(iii)
there is reasonable ground for apprehending that a claim on the guarantee fund may arise.
the Council may apply to the Court for the appointment of a judicial factor on the estate of the solicitor F7or, as the case may be, of the incorporated practice; and the Court, on consideration of the said report and after giving the solicitor F8or, as the case may be, the incorporated practice an opportunity of being heard, may appoint a judicial factor on F9such estate, or do otherwise as seems proper to it.