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Solicitor – Practice. The Chancery Division considered whether a statutory trust created when the Solicitors Regulation Authority (SRA) intervened in the business of a limited liability partnership extended to money that could be shown to have belonged to the practice when it had been conducted in the name of the partnership that had proceeded it. The court held that, on the true construction of the word 'practice' in para 6(2) of Pt II of Sch 1 to the Solicitors Act 1974, the money in issue fell within the scope of the trust imposed on the applicant solicitor by the SRA.
Solicitor – Practice. The Chancery Division considered whether a statutory trust created when the Solicitors Regulation Authority (SRA) intervened in the business of a limited liability partnership extended to money that could be shown to have belonged to the practice when it had been conducted in the name of the partnership that had proceeded it. The court held that, on the true construction of the word 'practice' in para 6(2) of Pt II of Sch 1 to the Solicitors Act 1974, the money in issue fell within the scope of the trust imposed on the applicant solicitor by the SRA.
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