In uncertain economic times, it is important to consider the role of asset protection.
This can be particularly important for directors of companies.
Asset protection means, in simple terms, holding assets in a way that is separate from liabilities or potential liabilities.
Of course it is important to understand where your potential liabilities might arise.
Each person has their own business and other interests which may give rise to liabilities or potential liabilities.
Asset searches including on public registers can determine how and where assets are held.
Directors can have potential liabilities via, for instance, personal guarantees, trading whilst insolvent, tax liabilities and statutory liabilities.
There can be costs of holding assets in particular structures. There can also be costs of making changes to asset holdings.
It is essential to obtain proper advice regarding your circumstances. For an obligation free discussion, please contact McAuley Lawyers on (02) 9633 1826 or emailreception@mcauleylawyers.com.au