Asset Protection

Please note that these are selected references to assist you to get an idea of the major issues involved in Asset Protection Planning so that you can research them further.

Obviously this is designed to give you a general understanding of the situation and not intended as an exhaustive research source. You should obtain professional advice before acting on any information source.

Can Creditors Lay Claim to Superannuation Contributions Made by a Person in the Lead-up to Bankruptcy?
The High Court has ruled that superannuation contributions made before a person becomes bankrupt are unavailable for claw-back by the trustee in bankruptcy and therefore not recoverable by the bankrupt's creditors.
Author: Dirk Fairweather
Firm: Allens Arthur Robinson
Date: 7/2/2003 11:52:55 AM
Times viewed: 235

Recent developments in bankruptcy law
The most respected and comprehensive reference work on the subject is now available online, updated monthly, to ensure subscribers are kept up-to-date with current judgments and the latest developments in the law. The online service incorporates superior searching functionality with hyperlinks provided to enable users to move quickly within the service and, also, to jump to our reports series available online. The text of recent amendments is highlighted with hyperlinks to allow instant access to newly incorporated material within the commentary in respect of the Bankruptcy Act 1966, the Bankruptcy Rules; the Bankruptcy Regulations 1996; and in the Digest of Judgments. For more information about this service contact Lin Wilson on 02 85877348
Author: McDonald, Henry and Meek
Date: 6/25/2002 1:32:18 PM
Times viewed: 221

Bankruptcy and Family Law
The Bankruptcy and Family Law Amendment Act 2005 (“BFLAA”) received Royal Assent on 18 March 2005 and was effective in its entirety, by
Author: Christopher Dimock
Firm: Dimocks Family Lawyers
Date: 3/20/2006 4:43:57 PM
Times viewed: 440

The function of trusts
Essentially, persons create trusts because of the advantages which result from having their property owned by a third party who may be independent but nevertheless is subject to some sort of control by the person creating the trust.
Author: Howard K Insall and Gino Dal Pont
Date: 3/26/2001
Times viewed: 418

Responsible Officers and liability: consider the implications
If you are a holder of an AFSL, you are required to nominate one or more Responsible Officers who will supervise the financial services that your business provides. We believe there is a distinct risk that persons in positions of middle management (such as those who might ordinarily fill the position of Responsible Officer) may be held liable for corporate governance breaches.
Author: Andrew Goldstein
Firm: Ebsworth & Ebsworth
Date: 10/20/2003 1:45:53 PM
Times viewed: 206

Estate planning
Most people prefer not to think about what happens when they die and put off planning for this situation. It is a very important issue to think about early and is an essential part of the financial planning process.
Date: 4/4/2001
Times viewed: 220

Debt Recovery – What You Need to Know
Having an effective system for recovering debts is essential to any business's books. Credit control practices should be adopted to ensure that accounts are paid on time, and a procedure in place for promptly instigating debt recovery proceedings if those debts are not paid.
Firm: Alexander & Associates Solicitors
Date: 8/17/2004 3:08:28 PM
Times viewed: 363

Get out of gaol free card revoked
There is an increasingly common perception in the community that bankruptcy has become the easy way out for recalcitrant debtors. Amendments to the Bankruptcy Act set to come into force later this year are aimed squarely at this perception and will effectively revoke the “get out of gaol free card” for debtors.
Author: Renee Butterfield
Firm: Redchip lawyers
Date: 4/7/2003 4:18:35 PM
Times viewed: 125

Debt Recovery, Bankruptcy, Company Insolvency and Directors' Duties
Your questions answered.
Firm: Craddock Murray & Neumann
Date: 10/13/2003 4:36:50 PM
Times viewed: 461

What's in a name?
A business name is the name under which a business operates. Registration of the name merely identifies the owners of a business, particularly for the purposes of debt or recovery proceedings.
Author: Sara Kerum
Firm: Thomson Playford
Date: 2/25/2003 12:57:07 PM
Times viewed: 177

Testamentary Trusts
A testamentary trust is a trust created by a will. It is generally a discretionary trust – one where the Trustee has full discretion about who benefits, and to what extent, under the trust.
Firm: RetireLaw
Date: 5/6/2003 1:03:52 PM
Times viewed: 1580

Grant v Commissioner of Patents - Another Piece to the Puzzle of Business Methods
Patent laws throughout the world have always faced the problem of defining what constitutes suitable subject matter for patents. These largely static laws must grapple with the ever changing and growing nature of technology as, inevitably, whole new fields of endeavour come about which could not possibly have been envisaged at the time the laws were created.

Author: Will Monks
Firm: F B Rice & Co
Date: 11/2/2005 12:36:11 PM
Times viewed: 225

Asset Protection and Trusts Under Attack
Author: Valentina Misevska
Firm: Harris Wheeler
Date: 7/13/2006 9:06:04 AM
Times viewed: 121

Off the plan" property purchase - things to consider
Purchasing property “off the plan”, that is, before construction has commenced, has become a popular choice for many Australians.
Firm: Balben Property Transfers
Date: 10/14/2003 9:57:38 AM
Times viewed: 192

Don't get burnt by branding
A review of the legal and practical measures you can take to protect your brand.
Author: Andrew O'Keefe and Ben Arnall
Firm: Allens Arthur Robinson
Date: 6/6/2002 10:13:43 AM
Times viewed: 225

Professional standards schemes - the Australian model
This article is a paper delivered by Bernie Marden, Secretary of the Professional Standards Council, at the Professional Associations Research Network, "New Directions for the Professions", Conference, London, Tuesday 26 June 2001
Author: Professional Standards Council
Date: 6/26/2001
Times viewed: 281

Asset Protection & Tax Planning
In a recent decision of the Full Federal Court of Australia ( Commissioner of Taxation v Mochkin [2002] FCAFC15 it was held that the taxpayer conducted his business via a corporate entity for the dominant purpose of asset protection and limited liability and not the accompanying taxation advantages.
Author: Ian Paul
Firm: GWM Lawyers
Date: 4/30/2003 3:36:20 PM
Times viewed: 160

Tax Issues in Family Law Property settlements: Distribution the Spoils - The difference between hacking and carving
This first article provides an introduction to the contents of a series of eight articles relating to aspect to be considered in tax issues in family law property settlements.
Author: Peter Szabo
Firm: Marshalls & Dent
Date: 4/10/2002
Times viewed: 299

Directors' Responsibilities - Chairmen
The recent decision by Austin J in ASIC v Rich & Ors (NSW Supreme Court) establishes a new level of responsibilities to be carried out by chairmen of public companies. Austin J decided that the responsibilities and duties of chairmen extend beyond those of the other directors and beyond ceremonial and procedural matters such as the chairing of directors' and shareholders' meetings. The Court accepted the submissions of ASIC against John Greaves, former chairman of failed corporation One.Tel.
Author: David Syme and Brooke Troedel
Firm: Middletons Lawyers
Date: 3/31/2003 3:51:01 PM
Times viewed: 266

Pursuing profit productivity and philanthropy: The legal obligations facing corporate Australia
This paper considers the circumstances in which corporations are entitled to give to charity. As artificial legal persons, companies must conduct business through their officeholders. Officeholders must consider two issues before a company can proceed with any conduct. First, the corporation must have the power to engage in the activity and second, any exercise of that power must be proper in light of any internal or external limitations. These same considerations apply in the context of corporate giving.
Author: Quentin Digby
Firm: Freehills
Date: 11/13/2003 12:21:54 PM
Times viewed: 212

Fright or Flight? The Director's Dilemma in the Pre-Insolvency Zone
In an economic period characterised by sudden and prominent corporate collapse, directors are asking the question - how to minimise personal liability for insolvent trading?
Firm: Gilbert + Tobin
Date: 11/13/2001
Times viewed: 378

Directors duties and obligations
A checklist of directors environmental regulatory obligations.
Author: CPD - Centre for Professional Development
Date: 7/3/2001
Times viewed: 234

Liability of Directors for Industrial Manslaughter
In January 2005, a UK managing director was sentenced to 16 months' imprisonment for manslaughter following a workplace fatality. This article examines the case and the potential to use common law manslaughter to prosecute directors in the UK and Australia.

Author: Dr Kirk Lovric
Firm: Allens Arthur Robinson
Date: 4/11/2005 10:28:00 AM
Times viewed: 293

Regulators team up on privacy compliance
Jackie Lyne looks at the increased power and range of regulators of the new privacy regime in the light of a recent collaboration between two Federal bodies.
Author: Jackie Lyne
Firm: Allens Arthur Robinson
Date: 4/23/2002
Times viewed: 210

The Problem with IP Holding Companies
It is not unusual for reasons including administrative efficiency, tax planning, or protection against insolvency to establish a company within a group to be the owner of all intellectual property owned by group companies. But IP holding companies can suffer when seeking to recover damages for infringement of intellectual property rights.
Author: Adam Liberman
Firm: Freehills
Date: 3/16/2005 1:42:41 PM
Times viewed: 250

What is a 'Good Reason' Not to Participate in the Management of a Company?
A recent decision of the NSW Court of Appeal emphasised the importance of active participation of directors in the affairs of a company. The Court decided that a total failure to participate, for whatever reason, should not be regarded as a 'good reason' under the statutory defence present in s588FGB(5) of the Corporations Act 2001. This article looks at the case and its implications.
Author: Joanne Little
Firm: Allens Arthur Robinson
Date: 6/13/2003 10:45:25 AM
Times viewed: 257

Self Managed Superannuation Funds - FSR Update
The financial services reforms (FSR) commenced on 11 March 2002, subject to transitional relief which may apply until 10 March 2004. The FSR have introduced new licensing and disclosure regimes.
Author: Phil Logan
Firm: Abbott Tout
Date: 6/19/2002 10:58:34 AM
Times viewed: 189

What a super year!
This article looks at the ramifications of the Financial Services Reform Act 2001 (FSRA) which all trustees should be aware of.
Author: Scott Charaneka
Firm: Ebsworth & Ebsworth
Date: 3/1/2002
Times viewed: 238

Recent Superannuation Decisions
This article provides a brief discussion of some interesting superannuation decisions which have been handed down in the past few months.
Author: Phil Logan
Firm: Abbott Tout
Date: 3/7/2002
Times viewed: 216

FSR Disclosure for Superannuation Trustees
Many superannuation trustees are not yet subject to the bulk of the new disclosure regime which commenced from 11 March 2002 under the financial services reforms, as a result of the transitional rules.
Author: Michael Hodgson, Phil Logan & Ellis Varejas
Firm: Abbott Tout
Date: 3/31/2003 3:53:10 PM
Times viewed: 162

Recent developments in self managed superannuation
There have been some recent developments in self managed superannuation, which should be of interest to both trustees/members and advisers.
Author: Michael Hodgson, Phil Logan & Ellis Varejes
Firm: Abbott Tout
Date: 3/31/2003 4:04:29 PM
Times viewed: 215