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

Discussion in 'Property Law Forum' started by CPI, 30 December 2015.

  1. CPI

    CPI Member

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    A Company is in receivership by ATO, can a company director transfer his jointly owned residential property to his spouse?
     
  2. Sophea

    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.
     
  3. Tim W

    Tim W Lawyer
    LawTap Verified Lawyer

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    I agree with the above.
    Claw back provisions exist specifically to counter-act attempts to conceal assets from creditors.
     
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