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Lawyers and Conveyancers Act 2006

Miscellaneous provisions - Transitional provisions relating to Solicitors' Fidelity Guarantee Fund

367: Winding up of Solicitors' Fidelity Guarantee Fund

You could also call this:

"What happens when the Solicitors' Fidelity Guarantee Fund is closed down"

Illustration for Lawyers and Conveyancers Act 2006

You need to know what happens when the Solicitors' Fidelity Guarantee Fund is wound up. If the New Zealand Law Society thinks all claims have been dealt with, it must tell the Minister. The Minister gets a report and reasons for this opinion. You should understand that if more claims come in within 12 months, they must be dealt with. After 12 months, no more claims can be made. If no more claims are made, or all claims are dealt with, the New Zealand Law Society tells the Minister. It also sends a final report and accounts. The Minister can then recommend that the Fund is wound up. This is done with an Order in Council, which is a type of secondary legislation - you can learn more about this by looking at https://legislation.govt.nz/act/public/2019/008/latest/link.aspx?id=DLM7298343

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM367872.

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Part 11Miscellaneous provisions
Transitional provisions relating to Solicitors' Fidelity Guarantee Fund

367Winding up of Solicitors' Fidelity Guarantee Fund

  1. If the Council of the New Zealand Law Society or the Management Committee appointed under Part 9 of the Law Practitioners Act 1982 forms the opinion that all claims against the Solicitors' Fidelity Guarantee Fund that it is aware of have been received and fully dealt with, it must submit a report to the Minister stating that opinion and outlining the reasons for that opinion.

  2. If, in the period of 12 months beginning with the date on which the Council of the New Zealand Law Society or the Management Committee appointed under Part 9 of the Law Practitioners Act 1982 submits a report under subsection (1), further claims against the Solicitors' Fidelity Guarantee Fund are submitted to the Council or the Committee, it must receive, and deal with, those claims.

  3. After the expiration of the period of 12 months referred to in subsection (2), the Council of the New Zealand Law Society and the Management Committee appointed under Part 9 of the Law Practitioners Act 1982 must decline to receive any further claims against the Solicitors' Fidelity Guarantee Fund.

  4. If—

  5. no further claims against the Solicitor's Fidelity Guarantee Fund are received in the period referred to in subsection (2); or
    1. the Council of the New Zealand Law Society or the Management Committee appointed under Part 9 of the Law Practitioners Act 1982 has fully dealt with any further claims against the Solicitor's Fidelity Guarantee Fund that were received in the period referred to in subsection (2),—
        1. the New Zealand Law Society must so inform the Minister and submit to the Minister its final report and final audited accounts in respect of the Fund.

      1. The Minister may, on receiving that report and those accounts, recommend to the Governor-General the making of an Order in Council declaring that the Solicitors' Fidelity Guarantee Fund is deemed to be wound up.

      2. An order under subsection (5) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

      Notes
      • Section 367(6): replaced, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).