I currently own a construction company and have noticed of late Work Cover issuing large fines to other construction companies around me.While I uphold all the OH&S systems.I cant help but sweat over losing everything.
If I own the typical company trust set-up for my assets will they still be at risk from Work Cover.
Will it also protect me from a disgruntled spouse??
Can I put things like company cars and tools into the trust so as not to lose them.I also wanted to buy a house with the FHOG will I lose this if bought in a trust??.Can I put money from the construction company into the trust without it later being linked if the construction company is sued.And whats a Phoenix company.
Whoa, I know thats a long list but any help would be appreciatedHi Master,
I can’t help you with the trust about losing property and stuff to your spouse but I can help a bit with O h $ S. If you’re really doing what you should be doing then you’ll be fine. Hopefully you have a fully qualified O h & S person in charge of your policies and he is making sure that they’re all being adhered to. If you have then you should be okay.
I have done a coople of course in this, so PM me if you have some queries.
Landt.The family court can overule companies and trusts.
They can also overule pre-nups too (even if everything has been followed to the tee), saying that though they usually use it as a basis.Rgds.
Lucifer_auIn this circumstance where assets could be at risk, the business should operate via a company and any assets should be owned by another entity (i.e. trust) which would lease them across to your company.
At the end of the day, if you are found to be negligent for workcover, the director can be held personally liable as well as the company.
Cheers,
Mark Unwin
Williams Partners Pty Ltd
http://www.wp.com.auI watched one of those today tonight current affairs programs and saw a story on a worker who fell of bodgie scaffold. Apparently when he tried to sue, the builder simply shut down his company (one of 25).It was known as a phoenix company. Nothing happened to him as far as work cover was concerned and he owned nothing personally. Would a trust in his wife’s name give him more protection ??.I know there’s a lot of builders who have their assets protected and act in a manner that I thought would mean that they would be liable. I thought if one company went down to bankruptcy you could no longer be a director of another. Or did he shut it down before he was sued thus keeping his other companies??
If you are a director of 2 or more comapnies then you will draw attention from ASIC.
Workcover are extremely active at present.You have several issues that need to be addressed and i think you should arrange a meeting with your accountant
NIckMHave a look at the site http://www.lawcentral.com.au especially their newsletters for lots of good ideas.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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