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Trusts & Companies

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hassle View Drop Down
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Joined: 06/June/2012
Location: Australia
Posts: 1
  Quote hassle Quote  Post ReplyReply Direct Link To This Post Topic: Trusts & Companies
    Posted: 06/June/2012 at 18:28
Hi,

This is my first post here so apologies in advance if I seem a little lost.

Firstly I need to remove myself from a Family Trust and so far I have been unable to find the relevant documents online to do this. I do not have funds to pay a lawyer to do this for me. (I'm in QLD). Also do I or can I remove the children from this at the same time ? My ex-husband is still on the trust and refuses to sign the papers to remove himself although this probably doesn't matter now.

Secondly I believe the trust owns/runs the company that owns/runs the business that I have ceased trading as of the end of 2011. Because I did not have the funds to appoint a liquidator I was advised to wait for someone to take me to court so that the courts could appoint a liquidator. The business does not have any assets and neither does the company or trust. The business does owe money to various suppliers so apparently I cannot close the company. And I was wondering if it is legal to remove myself from the company?

My accountant for the past 8 years will not assist me unless I pay $$$ which is understandable and they will not process the returns for the past 2 years unless I pay up front.

I do not own any assets. Divorced a few years back and everything was sold.

Any help would be so very much appreciated.

 

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rambler1 View Drop Down
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Joined: 01/May/2006
Location: Australia
Posts: 1704
  Quote rambler1 Quote  Post ReplyReply Direct Link To This Post Posted: 07/June/2012 at 13:58
1 You cant remove yourself from a company that owes money if you are a sole director or even a joint director ASIC wont allow the transfer

2 you cant remove yourself as a trustee from a trust that has a sole trustee and you cant dissolve a trust when it owns a company that cant be de listed

however Im not sure why you want to anyway you have limited liability barring personal guarantees so why worry about it?

"If" the creditors liquidate the company itll all get sorted then once the company is sorted out you can dissollve the trust.
Luke 11 46: Woe unto you also, ye lawyers! For you load men with burdens that are difficult to carry, and you yourselves won't even lift one finger to help carry those burdens.

 

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Divorce and Family Law Kit - case studies & property settlement calculator - $49.95

Consent Orders - financial separation and parenting orders - $725 - full paralegal service

 

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