This tag is associated with 2 posts

Trusts are not always the best hidey hole

It is easy to think of trusts as magical places to hide things.  However, the fortress that the trust may appear can be somewhat less so when assets are being transferred to a trust to avoid creditors getting their hands on them. Dispositions, whether gifts or sales for inadequate value, made to defeat creditors can be … Continue reading

Insolvent trustees should be liquidated

The Court of Appeal has overturned the High Court decision of Commissioner of Inland Revenue v Newmarket Trustees Limited.  Ed note: Newmarket Trustees Limited was placed into liquidation on 12 October 2012. Newmarket Trustees is a corporate trustee that acts for a number of trusts.  Newmarket Trustees is insolvent due to unmet tax liabilities in … Continue reading