Close down Propery invest trust?

[ponie]

Hi does anybody know of any good reputable lawyers that are able to close down a hybrid property investment trust, it is a trust from chan and naylor that we no longer need. Thank you

 

[Scott No Mates]

Sell the assets, pay out loans & other expenses, distribute the profit, put in a final tax return & lodge with ASIC. That'd cover most of it.

C&N only set up trusts? can't they unwind as well??

 

[Terry_w]

Hi does anybody know of any good reputable lawyers that are able to close down a hybrid property investment trust, it is a trust from chan and naylor that we no longer need. Thank you

i could assist

 

[ponie]

Thank you for your responses. I actually don't want to do in via Chan and Naylor. Thank you

 

[Peter_Tersteeg]

I'm curious, why do you want to unwind the trust?

I'm guessing you've off loaded all the properties held by it, is there a particular reason you don't want to use this trust in the future (I'm not a fan of the C&N trust BTW).

 

[Paul@PFI]

Closing a trust is very simple. Its a matter of FACT.
- No assets
- No liabilities

If the above aren't satisfied then legal advice may be needed. ie an undischarged debt etc.

Then
- Draft / finalise final accounts confirming the above; and
- Ensure unitholders, trustee / appointor etc do what is necessary to vest / end or resolve to terminate the trust. Resolutions signed by all parties advised !!
- Lodge final return
- Consider deregistration of company trustee.

A trust technically ceases to exist if it has no assets. However the trustee liability may not end. If that's an issue seek legal advice.

Its prudent for Trustees to ensure this is all completed to ensure there is no recourse by an affected party (ie a beneficiary). If its a closely held trust (ie all direct family) then this is less problematic although Family Law could later be a concern