In this issue:
New Powers of Attorney Legislation - time to start using the prescribed forms
"A power of attorney is a formal document given by one person authorising another to act on his behalf in financial transactions. It is commonly used both in the commercial domain and in the private family sphere. The statutory power to extend a right to another when the donor has lost capacity becomes a valuable and powerful tool to support the donor at a time assistance is required. The newly prescribed form clears up many of the previous anomalies as explained in this article."
Michael Henley, Partner and Team Leader
Yesterday, 20 November 2013, the Government released its draft Terms of Reference for the Financial System Inquiry for a two-week consultation.
The Government also announced the appointment of Mr David Murray AO - former chief executive of the Commonwealth Bank and ex-chairman of the Future Fund - to head the Inquiry.
As we expected the Inquiry’s scope will reflect the Government’s desire for a ‘root and branch’ examination of the nation’s financial system. Read More
In the recent decision of Deputy Commissioner of Taxation v Impress Enterprises Pty Ltd  FCA 1126 (Impress) delivered on 25 October 2013, the Federal Court in Brisbane dealt with the familiar situation of a contest between 2 insolvency practitioners both seeking appointment to the same company. Read More