Hi there
I have a friend (no its not me, really) who has many properties owned in a trust structure. He is slack in the area of paperwork, and forgot to pay the annual ASIC fees for the company registration. This company is the trustee of his trust which owns all his property. ASIC have now de-registered the company, and it has been that way for 6 months.
My questions are:
1) what effect will this have on his trust. It basically doesn't have a trustee anymore.
2) what effect will this have on him getting mortgages in a new company trust. The lender will see his is director of a company that has been deregistered.
many thanx
MI
I have a friend (no its not me, really) who has many properties owned in a trust structure. He is slack in the area of paperwork, and forgot to pay the annual ASIC fees for the company registration. This company is the trustee of his trust which owns all his property. ASIC have now de-registered the company, and it has been that way for 6 months.
My questions are:
1) what effect will this have on his trust. It basically doesn't have a trustee anymore.
2) what effect will this have on him getting mortgages in a new company trust. The lender will see his is director of a company that has been deregistered.
many thanx
MI