SECTOR FOCUS: LEGAL & FINANCE SECTOR FOCUS


What would happen to the company or business if you were unable to discharge your duties? • Who would have the authority to pay debts and collect fees?


• Who could deal with the bank, deal with lenders or investors?


• Who could pay staff wages? • Who could authorise job assignments, contracts that have to be obligated and finalise discussions for jobs that you are tendering for?


What is a business lasting power of attorney? A Business Lasting Power of Attorney (‘BLPA’) is a document which allows you (the ‘donor’) to appoint a person, or a number of individuals, to have a legal right to act on your behalf in relation to your business affairs (your ‘attorneys’) or to protect your


shareholding in the company by having an attorney empowered to make sure that a director is nominated to replace you should you lose capacity. Your appointed attorney steps into your shoes, but does not become the director of the company. The document is the same


document you can use for your personal affairs, but is specifically drafted to only deal with your business or business interests. As a company director/shareholder, partner or sole trader, it is in your best interests to ensure appropriate action is taken. The appointment of your


attorneys is very important and careful consideration must be given to their qualifications in running a business and how they would make decisions on your behalf. Before the document can


THE LATEST NEWS FROM THE REGION’S LEADING SECTORS


Handing over the reins


20 Chamber Profile March/April 2018


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