A builder ceases trading owing money to staff and sub-contractors, with buildings incomplete. Assets are exceeded by liabilities. There seems to...
Hi everyone, so I am currently in the midst of applying for the Victorian Homebuyers Fund and I thought everything will be ok as it didn't even...
Hey all, I've heard stories about how builders sometimes goes bankrupt mid project. I was just wondering if there is a way to ascertain how...
Some say that holding assets jointly as Joint Tenants is the same in terms of asset protection as holding those assets as Tenants in Common in...
I have been on the very edge of bankruptcy for several years now. Covid just stalled it for an extra year. I would like to file in the next...
I was amending a trust deed for a client and came across some poor wording which could have exposed all of the asset of the trust to creditors....
A bare trust is a trust where X holds assets for Y with no discretion involved. Y is absolutely entitled to both the asset and the income from the...
When a person dies their super benefits must be paid out and this payment can only go to Dependants as defined under the SIS Act (spouse, children...
There will be several changes to the law to help companies and individuals stay afloat during this period of economic turmoil. a) Statutory...
Assets held as trustee for others are generally not available to creditors if the trustee goes bankrupt. See Legal Tip 46: Is property held by a...
There is a strategy out there which involves a trust taking a mortgage over property owned in a personal name with this supposedly giving asset...
Legal Tip 249: Liability of Spouses on Bankruptcy Under Australian law spouses are separate legal persons to each other. This means that each...
Gifting property, including cash, shares or real property, is a great way to achieve asset protection under certain circumstances. If an at risk...
Hi all, I am thinking of bidding at a bankruptcy auction and have noted that the s32 lists one of the owners as "the estate of Mr XXX", and there...
Getting your wage deposited into a trust Bank Account A client has advised they were ‘advised’, on an expensive course, to deposit their wage...
The term ‘Quistclose’ comes from the name of a company (Quistclose Investments Ltd) involved in litigation in 1970 in the UK (Barclays Bank Ltd v...
Hiya. Just wondering if anyone had advice on Bankruptcy? I have 2 properties and have to consider the inevitable. Selling is not an option due to...
Hello, I own 2 properties- both investments; 1: Loan: 210k. Value: 450k 2: Loan 500k. Value: 80k. (yep, i brought in the mines and it has...
Jointly owned Property and Bankruptcy What happens when one owner of a property becomes bankrupt? Well the other owners end up owning the...
One of my friend has been running a business for last six years and running into financial trouble now. She is the director of the company...
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