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

[CPI]

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

 

[Sophea]

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]

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.