Section 260(1) of the Legal Profession Act 2007 provides that a legal practitioner must give written notice to the Society as soon as practicable after becoming aware that there is an irregularity in any of the practice's trust accounts or trust ledger accounts.
Section 260(2) of the Legal Profession Act 2007 provides that an Australian legal practitioner must give written notice to the Society as soon as practicable after forming the belief, on reasonable grounds, that there is an irregularity in connection with the receipt, recording or disbursement of any trust money received by a law practice, of which the practitioner is not a legal practitioner associate.
An irregularity includes:
- An error in a trust ledger
- A deficiency in a trust ledger or trust bank account
- The intermixing of trust money with other money
- Any type of irregularity involving the receipting, recording or disbursement of trust money