The Office of the Queen’s and Lord Treasurer’s Remembrancer (QLTR) and the Society have published a new form (with guidelines for completion) for practice units dealing with cash balances held after the conclusion of a matter where the client or owner can no longer be traced or the balance is now considered to be abandoned.
Under para 6.11.5 of practice rule B6.11.5, practice units are required to use “reasonable endeavours”, having regard to the amount of money held, to trace the client before remitting the balance to QLTR.
The new form, published with effect from 26 July 2019, sets out the steps firms are expected to take to evidence “reasonable endeavours” before QLTR will accept funds, and must be signed on behalf of the practice unit by the designated cashroom manager.
In this issue
- The Judicial Disappointments Board
- Hiding in plain sight
- Food for thought on the drug front
- Salmon farming law must change
- People on the move
- Managing compliance to drive legal practice success
- New practice area: financial services – asset management
- Resilience: your flexible friend
- Appreciation: William Denys Cathcart Andrews