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For asset protection you are best to have as few directors as possible as all directors will need to give personal guarantees. But for control reasons you may want to be director. You really need to look into the tax issues here too, as well as the Foreign Acquisitions and takeovers act...

What if he sold these assets to his wife at full market value? You will note the trustee in bankruptcy is investigating related party transactions. There was also a recent case where a a few partners of a well know law firm went bankrupt. One sold a property to his wife for $1 just weeks...

Yes. This can easily be done.

Just be aware that if you were to go bankrupt you would be required to file a statement of your affairs. Withholding information or lying is a criminal offence. You must assist the trustee in bankruptcy find all of your money. But if you have spent it then you don't have it.

Of course you have to pay! You can also use the land titles web site or even go into the land titles office. Website searches cost money. $12 to $30 or so. It used to be free by going into the land titles office, but I am not sure about now. SAI could cost a bit more.

Over the last few days I have been on a law course and made some new friends. One was a senior lawyer with one of the big tier law firms. He drafts trust deeds from scratch - yet he had no idea of how the asset protection side worked. He didn't know the consequences of the Bamford case which is...

You generally wouldn't put a caveat on your own property. If another entity had an equitable interest such as an unregistered mortgage then it could want to register a caveat. The entity should have a mortgage agreement drawn up and a caveat application prepared. Stamp duty could be payable in...

Not sure about RP data. You can not search to find what balances are on loans. You could possibly find what the original loan amount was and then make assumptions. If a matter has started in the courts you could subpoena statements perhaps.

If you are bankrupted then you can be examined - the trustee in bankruptcy may ask to see your tax returns for the last 10 years. These may show distributions from trusts. You may be asked questions such as are you the beneficiariary of any trust, the appointor etc. You cannot lie as you would...

A caveat is a warning to the world that someone else has an interest in the property. In this case it may be a related entity which has an interest because of an unregistered mortgage. If there was no caveat then someone getting a judgment and lodging a writ on title would take priority. A...

Lets break it up. A default beneficiary is one who receives a distribution on some event occuring such as the trustee failing to make a distribution or the winding up of the trust. This will all depend on the wording of the deed and it could be that the default beneficiary has something...

I think a gift would fall under s120 of the Bankruptcy Act and be void as no consideration is given. Subsection 3 says not void if This would mean a gift within 2 years of the commencement of bankruptcy could be void or a gift after 2 years if the giver cannot prove solvency.

Yes. Any trust is at risk with loans or gifts or initial settled property. But this risk will depend on a lot of things. eg. I know I am going bankrupt, so I transfer $100,000 into the trust as a gift. This is at risk of being clawed back because the transfer is designed to defeat...

Anyone can do an ABR search for free. This will show the ABN of the trust when it was registered, GST status etc. Need the name of the trust to do this and it doesn't show much. Anyone can do an ASIC search on a company name This will show directors, DOBs, place of birth, current home...

The best way to protect assets is to not have any. An interest in a discretionary trust is generally not an asset (ie not 'property' as defined under the bankruptcy act). But if you are a default beneficiary of a discretionary trust then this is something amounting to property. So you need a...

This is true, but beachside probably meant they would be one beneficiary out of many potentials.

As far as I know the person in the video is not a solicitor. I would suggest getting proper advice. I guess there are 2 aspects to asset protection 1. Deterring people from suing you. 2. Being bankrupted and having things structured so as to prevent them falling into the hands of creditors...