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Ask Leon Your Own Question
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44375
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I am after advice. I am looking at setting up my own

Customer Question

I am after advice. I am looking at setting up my own business. I have been bankrupt, imprisoned for fraudlent behaviour and have an order from the county court for the repayment of money. My question is whether I should set this up in my own name or I will expose myself to litigation. The case was same nine years ago. I am unsure if those who were affected were compensated through an insurance policy. My gut feel is they were.
JA: What state are you in? And has anything been officially filed?
Customer: Victoria. It is a court document issued back in 2007. I have had no-one chase me for money other than an Institutional bank.
JA: Has anything been filed or reported?
Customer: When you say file or reported what do you mean?
JA: Anything else you want the lawyer to know before I connect you?
Customer: Not that I know.
Submitted: 7 months ago.
Category: Australia Law
Expert:  Leon replied 7 months ago.

My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

Customer: replied 7 months ago.
Your assistance would be greatly appreciated. Do you require any further information?
Expert:  Leon replied 7 months ago.

Good Afternoon

If you set it up in your name and something goes wrong you will be sued personally.

You can set it up as a company and you being the director and the shareholder.

This will make the company liable and you will be protected unless you committed fraud then you can be personally liable.

The previous litigation should not be an issue there.

I hope this makes sense and is of assistance. If there is nothing further Happy New Year and

Thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

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Customer: replied 7 months ago.
Is there a restriction on me being a director. I was committed for the crime on the 1st of November 2007. It was my understanding that I am disqualified from being a director 10 years from the date I was committed.RegardsMatthew
Expert:  Leon replied 7 months ago.

You can ask AISCs permission to be allowed to be a director under section 206F

If they give you consent then you can be a director.