Asset Protection

Somerville Legal can advise as to protecting the assets of both individuals and companies from the dangers of insolvency. The covid 19 pandemic has made this even were important.

The best solution is to protect assets as early as possible. But, even at the time of insolvency, all is not lost.

Many practitioners, both lawyers and accountants believe that the only protection for an insolvent company is voluntary administration.  Administration can work well in some cases. However, administration is a waste of time and money unless there is a clear plan to propose a beneficial deed of company arrangement, with the votes available to adopt it. Administration is not always the best solution, and all alternatives should be explored

For personal insolvency, the interaction between the Bankruptcy and Family Law Acts require careful consideration. But under the legislation, the assets of a family can still be protected from creditors. Somerville Legal has very extensive experience of protection of family assets under the Family Law Act, and have represented successful litigants in leading cases in the Family Court and the Federal Court.

Please contact Tim Somerville.

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