Search results

Generally I agree but this is not always the case with NSW property. Take for instance a person who has used up their land tax threshold. They will pay land tax in their own name or if the property is owned by the trustee of a discretionary trust. I have done some modelling with a...

Can be a good idea in some instances - new land tax threshold, ability to hold profits to stream out later etc. We also don't know if it is acting as trustee for a trust.

A personal guarantee is separate from the company. A company will be wound up if it cannot pay its debts. separately the person guaranteeing a company debt will be personally liable.

ASIC has the power to disqualify a person from being a director for up to 5 years. But this is only applied to some. Discharged bankrupts could be directors after day 1 of the bankruptcy finishes.

But they will only end up bankrupt if they can't pay the debt.

This is not correct. A person cannot be a director (or trustee) while bankrupt. But they could become direct straight after the bankruptcy has finished - unless banned. The bankruptcy will affect finance for the rest of the life of the bankrupt as many lenders ask 'have you ever been...

A company is a legal person separate from its directors and shareholders. If a director were to go bankrupt this would not directly affect property owned by a company they were a director of. The property would still be owned by the company. A bankrupt cannot be director so a new director...