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Yes, but only to an extent. If its something like a financial planner/accountant serioulsy breaching the laws, the PI wont cover them, thus they will go after them individually.

Discretionary Trusts can protect assets, especially when you set up the directors/trustee/shareholders correctly in respect to your situation. These arrangements have protected professionals very well over the years. Just think of all those failed business people who go into liquidation on...