Page 244 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

In exercise of the powers conferred on the Council of the Isle of Man Law Society by
Sections 4, 5 and 6 of the Advocates Act 1976, and of all other powers enabling it in that
behalf, and with the approval of the Advocates Acts Committee, the following rules are
hereby made: -

CONTENTS:

PART A – GENERAL
Rule 1 – Principles ..................................................................................................................3
Rule 2 – Interpretation.............................................................................................................3
Rule 3 – Geographical scope..................................................................................................6
Rule 4 – Persons governed by the rules .................................................................................6
Rule 5 – Persons exempt from the rules .................................................................................7
Rule 6 – Principals’ responsibility for compliance ...................................................................7
Rule 7 – Duty to remedy breaches..........................................................................................8
Rule 8 – Controlled trustees....................................................................................................8
Rule 9 – Liquidators, trustees in bankruptcy, Mental Health Act receivers and
trustees of occupational pension schemes.............................................................8
Rule 10 – Joint accounts.........................................................................................................9
Rule 11 – Operation of a client’s own account......................................................................10
Rule 12 – Advocate’s rights not affected...............................................................................12
Rule 13 – Categories of money.............................................................................................12

PART B – CLIENT MONEY, CONTROLLED TRUST MONEY AND
OPERATION OF A CLIENT ACCOUNT
Rule 14 – Client accounts .....................................................................................................14
Rule 15 – Use of a client account..........................................................................................15
Rule 16 – Client money withheld from client account on client’s instructions .......................17
Rule 17 – Other client money withheld from a client account ...............................................18
Rule 18 – Controlled trust money withheld from a client account .........................................18
Rule 19 – Receipt and transfer of costs ................................................................................19
Rule 20 – Receipt of mixed payments...................................................................................21
Rule 21 – Treatment of payments to legal aid practitioners..................................................21
Rule 22 – Withdrawals from a client account ........................................................................23
Rule 23 – Method of and authority for withdrawals from client account ................................26

PART C – INTEREST
Rule 24 – When interest must be paid ..................................................................................27
Rule 25 – Amount of interest.................................................................................................29