Who would manage your business if you suddenly couldn’t!?

Have you EVER considered what would happen to your business if you were suddenly unable to manage it yourself? WHO would be legally entitled and able to manage the day to day running of your business should you lose mental capacity?

Business Lasting Powers of Attorney (LPAs) allow the donor (the business owner) to appoint a suitable attorney to make decisions concerning their business interests when they’re unavailable OR lack mental capacity to manage it.

If there is no business LPA in place, you may be putting your business at risk. Just as a few examples:

…..If one of your bank account signatories lacks capacity, the bank could potentially freeze the account to protect the now vulnerable adult…and if there is an overdraft attached to your business, the possibility of the bank freezing the account is higher!

…..Any contracts entered into by a person who had capacity, but now lacks capacity, may become unenforceable owing to their incapacity.

…..Paying creditors, employees or tax becomes difficult as does running the business generally with a businessperson who now lacks capacity.

…..Investors may require their investments to be returned.

By appointing a business LPA attorney, these issues may not arise and you can be reassured you are doing your utmost to safeguard your business.

If you lost the ability to manage your business without a business LPA in place, an application would need to be made to the Court of Protection to have a deputy appointed. This might take months (or even longer!), during which time the business is exposed to uncertainty of survival. Also bear in mind the person chosen to manage your business will be picked by the Courts and might not be the person you’d ideally want managing your affairs……

Michael Wadsworth is a Director of Wadsworths and head of our Wills and LPA Department. With over 16 years of experience in this field and thousands of happy clients, Michael is able to advise on the best way forward to protect your business and personal affairs and get an LPA in place.

To make an appointment or to speak with a member of the team, please call 0121 745 8550 or email michael.wadsworth@wadsworthslaw.co.uk.

Birmingham Post Shortlist Wadsworths Solicitors for Top Business Award

Wadsworths solicitors have reached the finals of the Birmingham Post Business Awards 2018 after being nominated in the category of “Outstanding Contribution to the Community”. The annual awards aim to celebrate success, recognise achievement and highlight the innovative people and companies in Birmingham who are putting the region on the map by boosting the economy while making a positive contribution to the local community.

John Wadsworth, Managing Director of Wadsworths said: “We’re thrilled to have been shortlisted as one of the finalists in the contribution to the community category.

We have been assisting the people of the West Midlands with their legal needs for over three decades and have always felt a keen sense of responsibility to the local community. All of the team here share those values and have been very keen to get involved in any way they can. It is a privilege to work with some fantastic charities, community groups and schools and not only see the tremendous work they do, but also see the results, which are so valuable to the local area.”

The awards final, which will take place at The ICC, Broad St, Birmingham on Thursday 1st November, will be attended by hundreds of Birmingham’s business elite.