Business Structures Part 4: The broke trustee

Published on 03 Jul 2020 | Took place at Online, WA

Australians love trading through trusts. In a tough trading environment, we will be seeing trust insolvencies. In this session David talked about some of the peculiarities of broke trusts, including:

• is the broke trustee automatically sacked?
• if not, should the trustee be sacked and replaced?
• how does the trustee get refunded amounts it owes or has paid to creditors?
• what if the trustee also traded personally, or as trustee of another trust?
• getting the liquidator or bankruptcy trustee paid, and whether there is GST on remuneration
• other ways in which the ATO and SRO might get a jump on other creditors.