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VIC Appoint Someone Else to Act as Trustee in My Stead?

Discussion in 'Commercial Law Forum' started by Jvx, 8 June 2016.

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  1. Jvx

    Jvx Member

    7 June 2016
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    I've just set up a trust for the purpose of purchasing a commercial property and my accountant also set up a corporate trustee company for the trust. He wants to nominate me as director as well as shareholder of the corporate trustee. Does anyone know whether it's possible for me not to be director or trustee of this trust, i.e. Possibly nominate another person for the director like my lawyer and the lawyer as the shareholder of this corporate trustee also? Then I can be the beneficiary of the trust having some separate legal agreement with this corporate trustee to act in my interest.

    Is there any corporate trustee services out there that offer this that anybody knows of? The purpose of this would be so that nobody would be able to do an ASIC search in future and relate me directly to the property.

    This would be for asset protection reasons in future, as I own and operate several different businesses out there with debt that I want to keep separate to this property. Does anybody know of an alternative set-up that would achieve this?
  2. Sophea

    Sophea Well-Known Member

    16 April 2014
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    As long as the debts in other businesses are within companies of which you are a director and you have fulfilled all your directors duties (not traded insolvent or anything), then the commercial property (even if it was held by you personally) should be secure because they are separate limited liability entities that should be able to be wound up with no financial impact on you.

    Holding the commercial property in a trust of which trustee is corporation that you are director of is remote enough if you are doing business properly.

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