Home > Wills & Estates > Asset Protection

Asset Protection - NSW

Looking for advice about Asset Protection?

Business & Personal Asset Protection

Asset protection involves more than simply setting up a company to run your business, or holding assets in the name of a spouse.

Asset protection involves understanding the risks, having systems in place to deal with risk, how your business is structured, and how personal assets are owned. Planning and regular reviews are essential for effective asset protection.

Turnbull Hill Lawyers can provide you with an initial appraisal to review your current structures, develop a risk profile, and provide you with written advice on appropriate asset protection and business succession strategies.

We believe asset protection is as important as having business insurance, regardless of whether your business is small or large.

If you'd like to discuss asset protection for your business, contact our team today.

 

 

Warwick Gilbertson - Accredited Asset Protection Specialist - Turnbull Hill

 


Asset Protection

Business Owners Need to Prepare for Failure

Every day we hear from small business owners who have been forced into bankruptcy because they 'failed' to prepare for failure. For example, they miss a few mortgage repayments and end up having their company frozen and assets seized. With a frozen company, they have no income, which would mean they'd be unable to make repayments on their own personal debts, leading to bankruptcy.

The sad truth is that failure is actually quite common. In Australia, there are over 24,000 bankruptcies and over 8,000 corporate administrations every year. We do not want you to be one of these statistics next year.

As a business owner, it is prudent to prepare not only for your own failure but also for the failure of your stakeholders, i.e. your suppliers, customers or business partners. If your major supplier was to unexpectedly close its doors tomorrow, do you have a plan in place?

An effective asset protection strategy will not ensure that your business will succeed. However, should your business fail, an asset protection strategy will ensure your losses are mitigated.

The key is to protect your assets before trouble arises, instead of contacting us when you're already treading water in the deep end. While we might still be able to dive in and save your business, it's a lot easier and cost-effective to save you by ensuring you don't go near water in the first place.


The Truth About Asset Protection

There are a number of common misconceptions about asset protection. Firstly, people who have never considered protecting their personal assets, such as their family home, typically underestimate the value of those assets. Secondly, there are people who believe asset protection is only for wealthy individual with lots of assets to protect. Finally, business owners often believe their assets, including plant equipment and intellectual property, are automatically protected, when in reality they are the most susceptible to litigation.

The truth is asset protection is something that should always be considered if:

  • You are a home owner
  • You have investments
  • You are self-employed
  • You are a a business owner
  • You are employed in a high-risk industry, such as mining
  • You own valuable intellectual property

When it comes to the protection of assets there are inherent risks that are faced by everyday people that need to be addressed. We can show you these risks, highlight the ramifications and then implement strategies (risk management) to help you avoid them.


Asset Protection - Related Articles

  1. How your family business can most easily be put at risk by non-trading issues
  2. Directors in Troubled Times: Notes for Company Directors

Natalie Power - Asset Protection Lawyer in NSWOur Asset Protection Team:

Our Promise:

  • Highly professional and friendly service at all times
  • Highly qualified team
  • Complete confidentiality at all times
  • Fast, efficient and courteous service

 

 

Contact Us Now

We respond in 24 hours or less

Please provide details regarding your matter so we can assist you

Enquiry Form

Fill out our enquiry form and we'll respond within 24 hours

Listen to the captcha
 
Publications

Commercial Leases - Get Them in Writing

Commercial Leases: Always get them in writing! I recently spoke to a client who is the owner of a commercial warehouse that he had leased out to a tenant some time ago.  Related Articles: Commercial Leases &nbs...

Read More ...

Why should I require security if I'm a landlord and leasing my commercial or retail premises?

Why should I require security if I'm a landlord and leasing my commercial or retail premises? from Turnbull Hill Lawyers As a landlord, when you rent out your commercial premises you would generally do so on the basis that the tenant is responsible for paying you rent and their share of certain of your outgoings... which...

Read More ...

A Redundancy Payment is Property and Can Be Divided in a Property Settlement

A Redundancy Payment is Property and Can Be Divided in a Property Settlement from Turnbull Hill Lawyers A Redundancy Payment is Property and Can Be Divided in a Property Settlement A redundancy is where an employer no longer requires a person's job to be performed by anyone because of changes in the operational requirement...

Read More ...

One brain snap doesn't mean you aren't entitled to compensation

One brain snap doesn't mean you aren't entitled to compensation... for example, if you accepted a lift in a motor vehicle from a driver who was young and under the influence of alcohol and caused you serious injuries with lifelong consequences The case of Pallier v Solomons, which was heard in the NSW Supreme Court highlights, the...

Read More ...

Everything you need to know about cease and desist letters

1. What is a cease and desist letter? A cease and desist letter is the term that is given to those letters that are sent to people whom you believe are partaking in an activity that they shouldn't be partaking in, usually because it represents a breach of contract or an infringement of some other right. 2. What is the purpose of a...

Read More ...

Previous | 1 2 3 4 5 6 7 8 9 10 | Next


Events
Blogs
"John Woodward was very generous with his time a...

Alanna R, Newcastle

Liability limited by a scheme approved under Professional Standards Legislation

enquiries@turnbullhill.com.au