Run down houses in Auckland,Happy new year 2015 !!!

[speights boy]

The trustees will be able to answer that question.

[Damap]

As most trusts aren't set up well and suffer from co mingling a good lawyer will break into it. You can lose the property. Happens more than you think!

[Wayne]

Even without that the trustees are probably liable.

[Damap]

Corporate trustee fixes that but most people have no idea what to do to ensure your trust is kept safe. If you have a problem do you have all the required paperwork and history? Most don't. Mind you most never get attacked either so I guess it's a notional risk in most cases.

[Wayne]

Corporate trustee fixes that but most people have no idea what to do to ensure your trust is kept safe. If you have a problem do you have all the required paperwork and history? Most don't. Mind you most never get attacked either so I guess it's a notional risk in most cases.

Most people don't need a trust.
Except when something happens
then you get attacked
so the risk is more than notional - at the very time you need the trust protection it will fail.

[speights boy]

but what can the body corporate can get out of an owner if the property is held in a trust.

Enjoy......

When a creditor takes action against a trust to obtain payment of any debt owing by the trust, the legal action is taken against the trustees personally.
If the action is successful, the trustees will have to repay the debt by using their right of indemnity from the trust assets.
This right of indemnity is given by law, and is often repeated and widened in the trust deed establishing the trust.
It allows the trustees to use trust assets to meet liabilities they have incurred on the trust's behalf.
If there are insufficient assets in the trust to cover the debt repayment, the creditor can continue to pursue each trustee personally.
If a trustee is a natural person this can include bankruptcy proceedings and court orders requiring repayment from other assets owned by the trustee in their personal capacity.
If the trustee is a company, this may involve taking liquidation proceedings against the trustee company.

[Propertytrader]

The trustees will be able to answer that question.

Mate in my case the trustee is yet another company, so layer after layer, and property title does not show who is the real settlor.

[Damap]

Well it's notional in that most people will never need it. But yes if you protect yourself for when you do need it you need to do it properly and most don't!

[Propertytrader]

As most trusts aren't set up well and suffer from co mingling a good lawyer will break into it. You can lose the property. Happens more than you think!

what i am really good at is, to safeguard my assets from the claws of greedy creditors,they cannot ask me to pay personally as basically i have nothing on my name,
i am just a number, everything is on the company and the company is a trustee, and then the trust is private.

[Davo36]

I reckon PT is ScottSI also.

Fun having PT back though!

[Damap]

Is possible. Hard to believe he is that bored though.

[Propertytrader]

I reckon PT is ScottSI also.

Fun having PT back though!

Thanks Davo for the compliment,

have you sorted your property management with crockers, please share your experience thanks

[Wayne]

what i am really good at is, to safeguard my assets from the claws of greedy creditors,they cannot ask me to pay personally as basically i have nothing on my name,
i am just a number, everything is on the company and the company is a trustee, and then the trust is private.

And you kept asking people to "trust me".
Why would anyone here do business with you?
You seem to encapsulate all that is wrong in business - totally without a moral bone in your body.

I always wonder why some people go to a lot of effort to hide from potential creditors.
Many (most) people just get on and spend their effort making money rather than hiding.

[Propertytrader]

because there are greedy creditors that make money out of air.

Lets assume,you are late by 1 installment,then they charge you $50 late payment fee, and $250 for administrative cost, plus interest.

At least this happen with body corporate from experience

[Wayne]

because there are greedy creditors that make money out of air.

Lets assume,you are late by 1 installment,then they charge you $50 late payment fee, and $250 for administrative cost, plus interest.

That's still a lot of effort for 1 late payment.
Also, you could always pay your debts on time, everytime.
I do - never been late!