All Topics / Help Needed! / Asset Protection Dilemma

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of AxelAxel
    Participant
    @axel888
    Join Date: 2015
    Post Count: 1

    Dear all,

    I am facing quite a bit of dilemma and after some advise from fellow investors / entrepreneurs here.

    Recently I just got ‘played out’ by my ex-business partner from my own business which we built from scratch. Suffice to say they managed to ‘forced’ me out of the company after 2 years of stressful partnership.

    The thing that worries me is the company hold a few commercial leases which I was one of the guarantor. A few of the sites are still active and trading. When I left the company I know some of the stores are not doing well and who knows under the new management where things will go.

    I am worried that should one of the stores (each stores trades under different entities) is going bust and creditors, landlords / suppliers will come knocking. I have no control over what is happening anymore so I am worried that the current management might not do the right and pay up what they owe, which will lead to payment demand from the guarantors. Even though I am the ‘small fish’ here compared to the rest of the guarantors but my accountant advised me that I am still vulnerable should the landlord decide to go after the money owed.

    I have 1 investment property which I bought under my name 7 years ago. At the time it was my first property and I did not think about asset protection / buying it under a Trust or Company.

    How can I secure my investment property from liquidators in case the business cannot pay their rent for some reason and the landlord is after the guarantors.

    I am now married and my wife has 3 properties under her name. I am thinking to transfer the property to her name but apparently the asset protection only kicks in 2 years from the day I lodged it. What are my options here guys? Should I just sell this property and buy another property under a different structure or even under my wife’s name ?

    Basically I now come to a point where I try to prepare for the worst case scenario should the guarantors being forced to liquidate their assets to pay outstanding I will have not much on me. “Fool me once shame on you. Fool me twice shame on me”

    Thank you for your help!
    Axel

    • This topic was modified 9 years, 4 months ago by Profile photo of Axel Axel.
    • This topic was modified 9 years, 4 months ago by Profile photo of Axel Axel.
    • This topic was modified 9 years, 4 months ago by Profile photo of Axel Axel.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Check out ss 120 – 121A Bankruptcy act and s37A conveyancing act for starters.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.