107   Property not dealt with by receiver

(1)  If receivable property under the control of the receiver has not been dealt with in accordance with this Part, the receiver shall notify the Law Society accordingly and:

(a)  if the Law Society so requires within 1 month after being notified—shall transfer and deliver the property to the Law Society, or

(b)  if such a requirement is not made—shall transfer and deliver the property to the relevant solicitor or relevant associate.

(2)  If property other than money is transferred or delivered to the Law Society under subsection (1), the Law Society:

(a)  shall deal with it as the Supreme Court directs on application by the Law Society, and

(b)  if the property is sold—shall treat the proceeds as money paid to it under subsection (1).

(3)  The Law Society shall apply money paid to it under subsection (1):

(a)  firstly—in reimbursing the Fidelity Fund for claims paid from it in relation to the relevant solicitor,

(b)  secondly—towards the satisfaction of wholly or partly unsatisfied claims against the relevant solicitor, and

(c)  thirdly—in payment of the expenses of the receivership.

(4)  Any money paid to the Law Society under subsection (1) that is surplus to the requirements of this section shall be paid to the relevant solicitor or relevant associate.