If you’re in business, have you made sure that your business can still function is you should suddenly lose your mental capacity to run the business through sudden accident or illness?
Most business owners haven’t put in place Lasting Powers of Attorney to empower someone, who understands business, to handle the day to day running of the business if they themselves cannot.
If a director or partner in a business loses mental capacity it is not lawful to have them removed as a director or partner, even by a Court, no matter what it says in the Articles of Association or Partnership Agreement.
This will hinder the operation of the business until a Deputyship order is obtained from the Court thereby empowering the Deputy to either stand in the directors/partners shoes on a daily basis operating the business, or to resign the directors/partners position in the business allowing the other directors/partners to continue.
For further information regarding Business Lasting Powers of Attorney contact Jim Goddard on 01270 580537.
