Asset Protection

What can business owners and company directors do to protect their personal assets in the event of business failure?

Many businesspeople are now asking their advisers how they can legitimately protect their assets. The question is not new but is becoming a primary consideration for both established businesspeople and those about to embark in business. There are now a number of Acts that make directors personally liable for debts and obligations which were previously the sole domain of the company. The corporate veil is no longer an iron curtain which will protect company office-bearers. Directors - new, old or prospective - need to be fully informed about their duties and obligations with regard to corporate governance. Failure to do so may expose them to personal liability, penalties and/or incarceration.

For more information please see this Asset Protection article written by Ian Rodrigues (Bishop Collins) and Paul Gidley (Shaw Gidley Insolvency and Reconstruction) for the National Accountant Magazine.