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Ok fair enough. This is something that you can rightfully be concerned about. Being concerned about something will not however change the laws.

The fact is the bankruptcy laws in Australia are there. Kathryn does not live in Australia and therefore it is really not an issue for her to concern herself about. If the same laws apply in Canada she can either vote for these to be repealed or move to a country where the laws are different...

The lack of a complying loan agreement would make it an unfranked dividend to the individual making it a personal debt along with the penalties and interest. Think this is fair ? Over 100 per cent effective tax rate nice isn't it.

Kathryn a very basic example of how this could happen. Client has a company and borrows $1m from that company and gives the funds to the children to buy a home. The company has already paid taxes on that profit. What the client didn't know was that they were meant to have a Division 7a loan...

Kathryn No it isn't fair. Neither was it fair when I provided services to clients and those companies went under and as an unsecured creditor our fees were paid out at 0.02 in the dollar. But that was our problem. We could have asked for up front payment to mitigate the risks. In your...

Just as the bankrupt person has taken a risk so has the other person. They have taken a risk to lend someone money. To mitigate this risk they lodge caveats over property and mortgages. If those are not sufficient to pay the debts then they know the risk they have taken. Why should they get...