The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Shortfall in statutory trust account
Version 21 of the Handbook was published on 06/12/2018. For more information, please click 'History' Above
Rule 7: Shortfall in statutory trust account
In cases where a shortfall is revealed between the statutory trust monies held and the beneficial entitlements shown in a reconciled list or best list, the SRA may rectify the position, in whole or in part, by the use of other monies taken into its possession following the intervention to which that account relates.
Where a shortfall still exists on a statutory trust account after the application of the additional funds set out in rule 7.1, the SRA will decide on the method for distribution of the deficient account.