Australia Law
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Answered in 5 minutes by:
4/29/2014
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1,601
Experience: Lawyer | Founder & CEO at Blue Ocean Law Group
VerifiedBrisbane.Lawyer : Hi,
Brisbane.Lawyer : Just reading your query...
Brisbane.Lawyer : Jeremie, unless you provide a personal guarantee for the debts of the company, or the law operates to makes you liable (I will explain this in more detail below), then you are normally not personally liable for the debts of a company.
Brisbane.Lawyer : If you are personally liable, then normally your wife cannot be pursued by creditors.
Brisbane.Lawyer : It is only if you are made bankrupt, or insolvent... and separate from your wife.. that the trustee in bankruptcy may attempt to access your entitlement or share of any property settlement with your wife.
Brisbane.Lawyer : If you stay together, your wife and any assets she owns in her own name are protected.
Brisbane.Lawyer : Does that make sense?
Brisbane.Lawyer : The law can operate to make you personally liable - for example if you trade whilst insolvent, or owe employees Superannuation, etc.
Brisbane.Lawyer : There are other specific instances where you could be deemed personally liable, but they are limited in scope.
Brisbane.Lawyer : I just mention the two above by way of example, so you are aware that is it possible in these type of circumstances.
Customer: Thank you. So far so good.
Brisbane.Lawyer : You mention that in France, assets and incomes received after the marriage are considered common property. In Australia, this is the case (as mentioned above) when a married couple seek to separate. However, whilst they are together ... any assets held solely in the name of the other spouse cannot be touched or affected by any personal liability incurred by you via the company or otherwise.
Brisbane.Lawyer : Please let me know if you need any further clarification. Kind regards, James.
Customer: Thank you James. If I understand you correctly:
Customer: - even as sole director, shareholder and employee of my Pty Ltd company, I am in principle not liable for the debts on my company and creditors can only pursue the revenue and assets of the company
Customer: - if the law does make me liable, creditors cannot go after my wife's assets or income as long as we are still married and that her assets are in her name.
Customer: Are these two points correct?
Brisbane.Lawyer : Correct.
Customer: Thank you. Finally, could you please confirm that I can form a
Customer: Pty Ltd company with a single director, shareholder and employee (me). Or do I need to get more people involved?
Brisbane.Lawyer : I confirm that you can register a sole director and shareholder company, and employ yourself. No other people are required.
Customer: Perfect! Thank you very much for you time.
Brisbane.Lawyer : Glad to be of assistance, kind regards, James.
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1,601
Experience: Lawyer | Founder & CEO at Blue Ocean Law Group
VerifiedJames D. Ford and 87 other Australia Law Specialists are ready to help you
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