VIC Company in Receivership with ATO - Transfer Joint Properties to Wife?

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CPI

Member
30 December 2015
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0
1
A Company is in receivership by ATO, can a company director transfer his jointly owned residential property to his spouse?
 
S

Sophea

Guest
Hi CPI,

Yes technically he can, but there are claw back provisions which would take back any gift or under value sale of assets to a family member should creditors need to be paid.

Having said that creditors can only come after directors of a company, piercing the corporate veil, if there has been some sort of misconduct or contravention of duties as set out in the corporations act, on the part of the directors.
 

Tim W

Lawyer
LawConnect (LawTap) Verified
28 April 2014
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820
2,894
Sydney
Hi CPI,

Yes technically he can, but there are claw back provisions which would take back any gift or under value sale of assets to a family member should creditors need to be paid.

Having said that creditors can only come after directors of a company, piercing the corporate veil, if there has been some sort of misconduct or contravention of duties as set out in the corporations act, on the part of the directors.
I agree with the above.
Claw back provisions exist specifically to counter-act attempts to conceal assets from creditors.