Legal Profession Act · s 40

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40.
Prohibition of certain transactions
(1) No advocate and solicitor shall —

Legal Profession

CAP. 132 31
(a) purchase or agree to purchase the interest or any part of the interest of his client or of any party in any suit, action or other contentious proceedings brought or to be brought or maintained; or
(b) enter into any agreement, other than any agreement for the taking of contingency fees made in accordance with rules made under section 65, by which he is retained or employed to prosecute any suit or action or other contentious proceeding which stipulates for or contemplates payment only in the event of success in that suit, action or proceeding.
(2) Nothing in this Act shall be construed to give validity to any purchase or agreement prohibited by subsection (1) or to any disposition, contract, settlement, conveyance, delivery, dealing or transfer which is void or invalid against —
(a) a trustee under the law relating to bankruptcy;
(b) a liquidator or receiver under the law relating to the winding up of companies; or
(c) a creditor in any composition.
Non-contentious business

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s 40Prohibition of certain transactions

(1)

No advocate and solicitor shall —

Legal Profession

CAP. 132 31

(a)

purchase or agree to purchase the interest or any part of the interest of his client or of any party in any suit, action or other contentious proceedings brought or to be brought or maintained; or

(b)

enter into any agreement, other than any agreement for the taking of contingency fees made in accordance with rules made under section 65, by which he is retained or employed to prosecute any suit or action or other contentious proceeding which stipulates for or contemplates payment only in the event of success in that suit, action or proceeding.

(2)

Nothing in this Act shall be construed to give validity to any purchase or agreement prohibited by subsection (1) or to any disposition, contract, settlement, conveyance, delivery, dealing or transfer which is void or invalid against —

(a)

a trustee under the law relating to bankruptcy;

(b)

a liquidator or receiver under the law relating to the winding up of companies; or

(c)

a creditor in any composition.

Non-contentious business