LawFuel – On 24 October the Law Society wrote to the Governor of the Reserve Bank putting a strong case for exempting lawyers’ trust accounts from the $1 million cap “per depositor”.
On 6 November, a Treasury official advised the Society that the deeds of guarantee had been altered so that bare trusts would have the benefit of the guarantee, with some conditions. Lawyers’ trust accounts, the Treasury said, were included, and the cap “applies individually to creditors”.
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