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.
Asset Protection Lawyers NSW
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.
See also: Business Risk Management
Our Asset Protection Team 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 you or your business, contact our Wills & Estates Team today.
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.
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.
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