Interesting idea I just read in the latest BRW. The article is on HIH directors and the difficulty auditors are having in grabbing hold of the directors’ assets. One of the issues they talk about is that house. It has a mortgage on it – through Westpac. Six months after HIH went down, Westpac relinquished first mortgagee security position to the wife. She now holds first security for 6.85 million – far more than the house is worth. With that, there’s nothing the auditors can do.
They article also talked with an asset management academic, and they said two things. Firstly plan protection from the start, not at the end, and secondly – use a trust.
Now, I’m just wondering how long it’ll be before we can start doing first security games at our level
Jas
They article also talked with an asset management academic, and they said two things. Firstly plan protection from the start, not at the end, and secondly – use a trust.
Now, I’m just wondering how long it’ll be before we can start doing first security games at our level
Jas
