Byronent,
The section is not about insolvent trading etc it is specifically about making directors liable for debts and other obligations incurred by the company as a trustee. The section reads:

“A person who is a director of a corporation when it incurs a liability while acting, or purporting to act, as trustee, is liable to discharge the whole…[Read more]

In terms of asset protection I very much agree with Terryw – one seminar I attended even went as far as advising one property per trust.

While this creates more paperwork it also provides the greatest amount of protection. Effectively if the trust is sued the most the litigant can get out of the trust is the net value of the trust ie. the value…[Read more]