There are a variety of complicated laws relating to asset protection planning and implementation.
Personal bankruptcy can occur for a variety of reasons including business failure, economic downturn, poor business management, litigation, industrial action, natural disasters, a personal health crisis, loss of key staff, disputes between business partners, failure to protect key assets and regulatory action arising from a failure to comply with some legal requirement. In some cases personal bankruptcy can occur as a result of an unexpected incident or series of events.
Proper planning involves not only making sure that assets are not unnecessarily exposed in the event that some unforeseen event occurs but also involves a consideration of a wide variety of laws including those relating to:
- Directors’ duties;
- Business management;
- Credit control and debtor management;
- Finance agreements;
- Contracts entered into with others (including contracts with employees, sub-contractors, suppliers and customers);
- Trade practices and fair trading;
- Leasing and licensing;
- Stamp duty;
- Business partner agreements;
- Protection of key assets – including intellectual property, real estate and goodwill;
- Wills, Powers of Attorney and Enduring Guardianships; and
- Estate Planning.
We provide advice in relation to these issues as they impact upon you and your business. We can provide you with commercially sensible advice as to the action that you can take to reduce the risks that you may face.
We will work co-operatively with your other advisors – including your accountant, your insurance advisor and your financial planner – to ensure that the plan which is developed for you is the most appropriate one in all the circumstances.
To ensure that assets are not unnecessarily exposed, it is important to obtain professional advice before any problems have arisen. If you wait until a problem has arisen before taking action will in most cases be too late.
Contact us to arrange a consultation.