Mandating Procedures of Provinces Act, 2008
R 385
Legal Practice Act, 2014 (Act No. 28 of 2014)Chapter 6 : Legal Practitioners' Fidelity FundPart 3 : Claims against Fund81. Claims against future revenue of Fund |
| (1) | If the Fund at any time has insufficient assets to settle all claims and judgments, the claims and judgments must, to the extent to which they are not settled, be charged against future revenue of the Fund. |
| (2) | The Board may determine the order in which claims and judgments referred to in terms of subsection (1) are settled, and may, if the revenue of the Fund is not sufficient to settle all claims in full, settle any claim or judgment in whole or in part. |
| (3) | Without limiting its discretion, the Board must, in applying the Fund towards the settlement of claims and judgments, consider the following: |
| (a) | The relative degrees of hardship suffered or likely to be suffered by the various claimants should their claims against the Fund not be settled in whole or in part; |
| (b) | subject to paragraph (a), the full settlement of relatively small claims, except in exceptional circumstances, before relatively large claims are settled to a greater extent than the small claims; and |
| (c) | in equal circumstances, the priority of claimants according to the dates of the judgments or the dates when the claims were admitted by the Board, as the case may be. |
