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When does a trust shortfall need to be reported to the Law Society?

April 26, 2017Law reported shortfall Society Trust

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When does a trust shortfall need to be reported to the Law Society?

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A shortfall needs to be reported to the Law Society when it has not immediately been corrected. A trust shortfall refers to a situation where a withdrawal of funds by a member exceeds the client’s credit in his or her trust ledger account.