In Focus: Asset Protection for Company Directors

Throughout June we have been sharing articles and resources about asset protection for company directors.

Taking on a directorship involves taking on a certain level of personal risk. There are a number of things that you should understand before joining a board, and a number of things that you should do once you’re on a board, that can protect you and your most important assets if and when things go pear-shaped.

Following are some of our picks from around the web giving consideration to how best to protect you and your assets as a company director.

 

Asset Protection – Are you at risk? By Alman Partners

Owning a business, being a company director, or undertaking investment activities can put your personal assets at risk. How you plan for and manage that risk though, can mean the difference between losing everything and keeping your assets. Asset protection is a process of undertaking pro-active planning and implementing strategic techniques to protect your personal assets if things go bad. That is, separating risk from wealth. Read more…

 

Directors’ liabilities when things go wrong by ASIC

In most cases, where a company has been responsibly managed, the debts of the company will remain with the company. However, there are some circumstances where directors who breach the law can become personally liable for the company’s debts and/or be the subject of other regulatory action against them. Read more…

 

Are you a company director? Don’t bury your head in the sand! By Aulich Civil Law

For many business owners and their advisors, a company structure has long been the preferred model for a business in order to limit the personal liability of the people behind the business, in the case of a company, the company directors. However, what we are seeing more frequently is the erosion of that ‘limited liability’. In addition to their obligations under the Corporations Act 2001 (Cth) and the common law, directors may find themselves exposed to personal liability in certain circumstances for breaches of other laws by the company. Read more…

 

Seven Key Responsibilities of a Company Director by Small Business Knowhow

Company directors must make commercial decisions, and many times these decisions involve some degree of risk. While the distinction between entrepreneurial freedom and delinquent corporate behaviour will be clear-cut for most company directors, there are nevertheless circumstances where these lines can blur, resulting in sometimes substantial, and sometimes unexpected, personal exposure. Read more…

 

Legal obligations of directors of Australian companies by Hall & Wilcox

The legal obligations summarised in this article represent a non-exhaustive list of legal requirements that directors must comply with. As directors can become personally liable for decisions made in their capacity as director of a company, it is critical that directors understand all obligations imposed on them. Read more…

 

Director Due Diligence by Lisa Cook

Due diligence is a process that you undertake when you’re considering joining a board. This process should bring you to understand the potential risks to you from joining the board, recognise the personal contribution you can make to the organisation, and acknowledge your professional development requirements. This post steps through these three areas to give you more of an understanding of what you need to consider before joining a board. Read more…

 

Take steps to protect your wealth by Lawyers Weekly

Joining a partnership or becoming a company director can be incredibly rewarding (both professionally and financially), and partners and company directors have the opportunity to accumulate significant wealth. However, such roles also bear significant risks and responsibilities. Being aware of those risks and responsibilities, and how best to structure your affairs to minimise your exposure to one of those risks – bankruptcy – is essential. Read more…

 

For links to many more articles on asset protection for company directors, check out our Twitter and LinkedIn feeds. Be sure to subscribe to these channels to keep updated with information handpicked for you and other new and aspiring company directors.

 

[divider style=”clear”]

newsletter for new and aspiring company directors

Leave a Reply

Your email address will not be published. Required fields are marked *