Attorneys Act, 1979 (Act No. 53 of 1979)

Rules for the Attorneys' Profession

Part V : Accounting Rules

Closure of firm

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35.30A member who practices for his or her own account and who intends to cease practising shall, before the member so ceases to practice, provide the society, in writing, with the following information:
35.30.1notice of the member's intention to cease practising for his or her own account;
35.30.2the member's future contact particulars, being his or her residential and business address, fax, e-mail and telephone details;
35.30.3the steps to be taken to satisfy the society that provision has been made for the effective winding up of the member's practice, both in respect of current files and archived files and in respect of accounting records;
35.30.4the name, address and telephone number of the member's bookkeeper;
35.30.5the status of the writing up of the member's accounting records by providing the society with a copy of the latest trust reconciliation;
35.30.6the name of the auditor or inspector who will be submitting the final audit report;
35.30.7updated contact particulars for as long as the member remains on the roll.

 

35.31A member shall be required to submit, within three months of the date that such member ceases to practise:
35.31.1an audit or inspector's report for any period for which an audit or review is outstanding, up to date of closure of the trust banking account;
35.31.2a final list of trust creditors as at the date on which the member ceased to practise;
35.31.3confirmation from the auditor or inspector that all trust creditors have been paid;
35.31.4in the event of trust creditors being taken over by another firm, a list of trust creditors, signed by the member, after the auditor or inspector confirms that that list is correct, and signed by or on behalf of the partners of the firm taking over the trust creditors, confirming that they accept liability for claims of the trust creditors listed and that they have received the funds;
35.31.5a certificate of nil balance from the member’s bank confirming that the trust banking account was closed.

 

35.32In the event of non-compliance with this rule, or if at any time the society has reason to believe that adequate provision has not been made for the winding up of the practice or for the protection of the interests of clients affairs, the society may take such steps as it deems necessary to wind up the practice subject to the society being entitled to recover the reasonable expenses incurred and reasonable compensation for work done in connection therewith from the member concerned.