Published on 09 Oct 08
by VICTORIAN DIVISION, THE TAX INSTITUTE
It has been two years since changes to the Bankruptcy Act caused a re-appraisal of asset protection strategies and the harbingers prophesised the end of many basic principles underlying effective asset structuring for clients. Yet, since then, and cases such as Cummins and Richstar, little appears to have changed in fact. This paper considers:
the implications for trust structures arising from the 2006 Bankruptcy Act amendments
an analysis of recent cases where the courts have been prepared to go behind trust and asset protection structures
the fallout from the Cummins and Richstar cases
the implications of the Family Law and Bankruptcy Act Amendments for asset protection strategies.
Michael specialises in corporate and personal insolvency law. Michael acts for Australia's leading banks and secured lenders and for liquidators,administrators and receivers advising in all aspects of corporate insolvency and workouts. He has also conducted some of Australia’s most complex bankruptcy cases. Michael regularly advises boards and directors of listed and unlisted companies in relation to their duties upon insolvency and the restructuring of financially stressed businesses. For the past four years Michael has been named in "Best Lawyers •Australia" in the Insolvency and Reorganisation category, being named Best Lawyer •Victoria for that category in 2012. He is a member of the Insolvency Practitioners Association of Australia
and of the Insolvency & Reconstruction Committee of the Law Council of Australia and the co-author of a chapter of Personal Property Securities in Australia published by Lexis Nexis.
- Current at
27 July 2012
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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