I have been saying it for a while, and the figures now show it: Australia is in a recession. We are experiencing record number of company insolvencies and bankruptcies.
Asset protection in Australia has never been so important.
Corporate insolvencies reach the worst rate in over a decade
And it is going to get worse, not better. We are seeing this in the mining industry. We are seeing the ATO get more militant in chasing down debts. Lawsuits are increasing.
A very bleak picture …
In saying that, financial heartache and pain can be very easily avoided if you are properly structured from day one. Or if you are not, you take steps to at least create such
strong smokescreens that anyone wanting to sue you or chase you for money will get quickly scared off.
So … if asset protection has been on the back burner for you, now is the time to give it TOP PRIORITY. With bankruptcies and company insolvencies at record highs, asset protection in Australia for Australian people is critical. Protecting your assets from greedy gold-digging governments, and others who see your hard-earned wealth as an opportunity to line their own pockets is more important than over.
Here are a few introductory tips whereby you can do this:
There are other strategies but we can explore them another time.
In subsequent articles, we will explore these in more detail.
To find out more about asset protection, click here to get a no obligation free 30-minute consultation.