Corporate trustee - deregistered. Affect purchase process?

Discussion in 'Legal Issues' started by aN00b, 7th Jan, 2022.

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  1. aN00b

    aN00b Member

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    Hi, I'm in the process of purchasing a property but realised the corporate trustee of the discretionary trust I intend to use is deregistered due to unpaid fees.

    What are the ramifications of this? Do I need to pull out of the sale, or is it ok to just simply get it reinstated?
     
    aN00b, 7th Jan, 2022
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 7th Jan, 2022
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    Paul@PAS likes this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Definately one for a solictor as it affects the contract. Take trust deed asap to them. Great example of a case when a conveyancer will cost you more.
    Act fast and say nothing until advice is given. The contract may be void but correctable. The solicitor will likely act for you which would be wise.
     
    Paul@PAS, 12th Jan, 2022
    #3