Asset Protection Checklist

Asset Protection Checklist.

Unsettling times can raise concerns about the security of your wealth. Protecting your assets certainly can bring peace of mind – and save your assets when circumstances are less favourable. Knowing what to do and when to take action can make all the difference.

Here is a quick checklist to assist in protecting your assets, so that  your future is well provided for.

  1. Has there been a shift in asset ownership between spouses?

This may be defeated in the event of a Bankruptcy in which Claw-back provisions may overrule a transfer of ownership between spouses.

  1. If you have made your spouse/partner a director of the Company, what were the reasons?
  2. Which entity legally owns the assets (company, trust or individual person)?

It is also worth noting in which entity the business is conducted and whether that is separate from the entity that owns the business assets.

  1. Are there any assets owned by an individual who is a company director?

Check that your ASIC details are up to date – especially your residential and business addresses.

  1. Get clear facts on your personal liability and guarantees for any business debts or liabilities. Ensure that you are released from those agreements when you leave the business.
  2. Check discretionary trust deeds contain appropriate provisions in the event of bankruptcy of the Appointer.
  3. Ensure loans from stakeholders to the business operating entity are appropriately secured with mortgage debenture, mortgage, registered charge or other securities.
  4. In the correct circumstances, consider implementing an asset protection strategy against spouse or de facto partner.
  5. Consider implementing appropriate business restructuring strategies for asset protection purposes. This may include:
  • Separate ownership of intellectual property assets from business operations
  • Use of small business CGT provisions to move business away from property assets
  • Consider more complex strategies that may be available
  1. Consider whether it is appropriate to transfer assets to a superannuation fund.

Note that the Bankruptcy Act has claw – back provisions which may defeat pre – bankruptcy transfers.

  1. Once problems arise, seek professional advice.


If you have any concerns about the vulnerability of your hard earned assets to unforeseen circumstances, don’t hesitate to chat to one of our asset protection specialists.

Dean Vane:

Lauren Steinheuer:

Malcolm Barkle:

This content has been prepared to provide you with factual information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licenced or authorised financial advisor. The content was prepared by UHY Haines Norton. AFS Licence No. 483056

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