Suing an insolvent debtor – Can you recover from his trust?
Your debtor owes you a fortune, but when his estate is sequestrated there is nothing in his own name. However you find out that he is trustee of a wealthy family trust with lots of assets that you think are really his – can you recover from his trust? The answer is yes, you can, […]
Trustees: Your risk of personal liability in property sales
Firstly, a warning to anyone selling or buying property to/from a trust – have your lawyer check upfront that you are adequately protected by the terms of the sale agreement. The problem is that contracting with trusts has its own specific set of rules and, as a recent High Court case illustrates, standard sale agreements […]
ATTACKING A TRUST (AND DEFENDING IT)
“Invincibility lies in the defence; the possibility of victory in the attack” (Sun Tzu) It’s an all-too-common scenario. When you try to recover your money from a debtor, you find that all his/her assets (including the luxury home, holiday house and ocean-going yacht) are held by a family or business trust. Creditors: Follow the Assets […]