Asset Protection in the Event of Bankruptcy a Must for Business Owners

Even though Australia has, as a nation, avoided the worst effects of the GFC, there are still ongoing ripples moving through the economy that are resulting in the collapse of businesses, large and small, throwing many employees into unemployment, and the business owners into bankruptcy. While no-one enters into business with bankruptcy at the forefront of their attention, the prudent person should at least have some knowledge of the legal framework around asset protection in these circumstances, should the worst happen. There are fair and legal steps that can be taken to separate private and business assets to provide some level of protection which is especially important if the business owner has family responsibilities.

When establishing a level of asset protection the person in the family most likely to have bankruptcy potential must be identified. Logically, this would normally be the person in business as opposed to someone who earns all their income from a wage or salary. The most common legal vehicle used in these circumstances is a Trust, which should always be established by Lawyers Sydney to ensure that everything is set up in accordance with all relevant legislation.

In considering any asset protection strategy involving the spouse of the business person, the question of what happens to the spousal assets in the event of bankruptcy should be raised. Currently, these assets are protected if the spouse is not a partner in the business, and has not guaranteed the business person’s debts, but if they were used as security for those debts, the assets would be at risk. If the spouse legitimately acquired assets and they were not deliberately transferred to the spouse for the purpose of defeating the creditors of the business, they would not be at risk.

Superannuation is another important asset that may become vulnerable in the event of a bankruptcy. The Bankruptcy Act allows for the protection of funds in a regulated superannuation fund, an approved deposit fund or an exempt public sector superannuation scheme. This includes life assurance policies or endowment assurance in respect of the life of both the bankrupt and the spouse. Funds in a Retirement Savings Account are also protected, provided that the total value of all these assets does not exceed the Reasonable Benefits Limit.

The question of what would happen to assets that passed to a person on the death of a spouse before they became bankrupt needs to be asked to finalise an asset protection strategy. The answer is that any inheritance the person received prior to or during the three (3) years of bankruptcy would be available to benefit creditors. To counter this, Solicitors Sydney could arrange for the spouse to create a Trust in their will keeping any inheritance from the person with the bankruptcy potential.

Owning a business is challenging, exciting and risky, all at the same time. Many well-run businesses have disappeared through changing economic circumstances beyond the control of the owners, so it is very important to have an asset protection vehicle set up by legal professionals just in case the worst happens.

Immigration Lawyer Advantages Include Access to Experienced Professionals

Ask any Australian what they think about immigration and a variety of answers will be offered and without doubt, some strong opinions, both for and against. Many responses will be based on personal experience but many others will draw on ignorance and half-truths, not only about the numbers of people entering the country through immigration, but of the legal framework that underpins immigration policy. The truth is that most of us have only a basic knowledge of our immigration laws. For this reason, if approached for assistance with an immigration matter by a friend or neighbor, advise them about the immigration lawyer advantages of dealing with someone who possesses professional training in this field.

Australia’s Migration Act currently contains 500 articles making it a huge and complex piece of legislation generating hundreds of cases annually which must be heard and dealt with. Immigration law is a specialised area of the legal profession that has developed as a result of this complexity. It is almost impossible for general practice lawyers to have enough knowledge and experience to manage immigration legal matters. In fact, they are now referring their clients to Immigration Sydney legal firms for specialist assistance.

To provide clients with the best possible service, specialist lawyers undertake an accreditation process established by the Law Society of New South Wales and the Law Institute of Victoria, and must meet the requirements of the Migration Agents Registration Authority (MARA) for continued professional development. Combine this with a rigorous oversight scheme requiring among other things, professional indemnity insurance and registration with a state legal body, and the immigration lawyer advantages for clients of this degree of knowledge and professionalism are clearly defined.

As the profession evolves and develops there is a concerted effort by regulators to attract lawyers at the start of their careers into this new area of practice. Immigration law firms are increasingly specialising further into areas such as business migration, family reunion migration, skilled migration, refugee law etc, and offering exciting opportunities to legal professionals wanting to practice in a completely different area of law. The end result of the initiatives to raise the standard of professionalism is that the client will receive a much better service.

Australia has enjoyed enormous benefits from the continued efforts of successive governments to attract a diverse mix of migrants to its shores. It is in the public interest to develop the skills of any Immigration Lawyer Sydney so they in turn can assist our economic development by addressing skills shortages through business or skilled migration, or reuniting families separated by war or disaster so all members can make a contribution to our prosperity.

Migration consumers who seize the immigration lawyer advantages available to them can be confident that they are dealing with knowledgeable professionals who will guide them through our migration system. Subsequent descendants of migrants may well look back to the beginnings of this new profession and feel grateful for this guidance.

Many Factors Considered when Deciding Family Law Parenting Orders

Family Law Parenting Orders is not something that is undertaken lightly by the courts, and they are the subject of a rigorous process to ensure that the welfare of the child is paramount in any decisions made by the Family Law Court. It is well known and understood that when parents separate or divorce, there are a lot of extraneous issues that drive the emotions and behaviours of everyone involved. It is the intent of the legislation and the desire of the Court that, while keeping this knowledge in mind, the child is the centre of any orders made, since it is the child who, in these situations, is powerless.
As any family law Sydney expert can attest, especially in the initial period after the separation, logic and reason are often not the behaviours exhibited by the parents when they first seek legal advice. Emotions run high with fear, anxiety and blame the most commonly seen, and which hopefully, with time and healing, most couples are able to overcome to some degree, especially where the welfare of their children are concerned.
In cases where Family Law Parenting Orders are necessary, there are fundamental principles against which the Court determines the best interests of the child. Among these are actions ensuring the child has the involvement of both parents in their lives while keeping them protected from physical or psychological harm due to neglect or family violence. Further, the right of the child to know and be cared for by both parents, regardless of whether they are married, separated, or have never lived together is considered.
The importance of the role of grandparents and the extended family have been recognised in the Family Law Act and is one of the fundamental principles considered in making determinations. In the past, sadly, children and grandparents formed strong bonds, only to lose touch permanently in the aftermath of a separation or divorce. Also recognised is the right of the child to enjoy their culture including spending time with others who share that culture such as extended family.
On 1 July 2006 the Family Law Act was amended to provide the presumption of equal shared parental responsibility, and many Family Law Parenting Orders are sought on this basis. However the Act also sets out factors to help the Court make these determinations. The Court considers the child’s views on equal time with both its parents, the practical difficulty and expense of dividing the child’s time this way, the likely effect of this arrangement on the child and a number of other important factors. Parents who need representation should consult with Family Lawyers Sydney for experienced comment and help.
Family Law Parenting Orders are always difficult, but with the child’s best interests at the forefront, the adults who care for them the most must come to some arrangement that will benefit the child. This is one of those times when maturity is needed, and sadly, it is often when it is most lacking.

Accepted Through Immigration – Australian Social Customs the Next Challenge

It is difficult for people newly arrived in a country to learn the culture and customs, but any effort put into learning the ropes will be returned ten-fold when the new arrivals start to feel confident in most work and social situations. For the thousands of migrants who enter Australia through Immigration, Australian Social Customs must appear to be a complete jumble of contradictions and variations. It must seem that just as they have a handle on one particular aspect of our culture, they encounter something else that seems at odds with what they know.
A good example is the advice that making eye contact is considered to be a sign of respect when meeting someone in Australia. However, the other side to that advice is that it is rude to stare at someone. Is it any wonder new arrivals get confused! Even the Lawyers Brisbane working in the immigration industry find this a common issue that confuses people from other cultures.
Australians could appear to be a little “stand-offish” to people who come from cultures where it is customary to kiss on both cheeks or hug as a greeting even when people don’t know each other well. Shaking hands with the right hand extended is the correct greeting, with other approaches kept for family and friends.
Clothing is another area that new arrivals find confusing. 96% of Australia’s population live within an hour’s drive of the ocean, so swimming and beach culture is very important. Skimpy beachwear is perfectly acceptable and should not be interpreted as a reflection of the moral standards of the wearers. People are free to wear a wide variety of clothing and if new arrivals wear their national dress, that is also accepted.
A ritual that assures acceptance into a social circle is an invitation to an event, and again there are Immigration Australian Social Customs that need to be observed. Written invitations require a written response, regardless of whether or not the person will be attending. If an invitation to a meal is accepted, and the invitee has dietary restrictions for religious reasons, simply state that on the invitation response and the host will not be offended.
However, one sure way for people new to Australia to upset the locals is to exhibit impolite behaviour. For a country that is laid-back and accepting of differences, behaviour considered rude and ignorant will elicit a quick, loud and very public admonishment. Examples include pushing in ahead of others, not responding with a “please” or “thank you” in appropriate places and spitting onto the footpath. The latter behaviour, particularly, could see the new arrival in need of help from Solicitors Brisbane.
As a country that has welcomed millions of people from other countries and cultures, Australia has had great success at creating an environment where people are accepted and encouraged to take citizenship. If the new arrivals make the effort to understand our culture and customs too, they will enjoy their new lives and get along just fine.

Power Imbalance a Major Issue in Violence and Dispute Resolution

Family Law legislation in Australia seeks to ensure that couples whose relationships have reached an impasse undergo a mediation process in the hope that the situation can be reversed. If this is not possible, the next option is to have in place an orderly and structured process that is fair to both parties regarding property settlement and child custody arrangements. However, there are some regrettable situations where mediation is impossible due to a history of violence and dispute resolution in these circumstances places one of the parties under severe duress. In these circumstances there other avenues that can be pursued to legally end the relationship.

Counselling is an often recommended response to domestic violence situations, but unfortunately for many people involved, the extent and duration of the abuse has resulted in an imbalance of power that places one of the parties at a disadvantage. Because of the complexity of family law Brisbane clients needing advice in matters of violence and dispute resolution should contact an experienced legal professional.

Where there is evidence of child abuse or family violence, the law allows a lawyer or family dispute resolution practitioner to advise all parties involved that an imbalance of power is evident and other options are being considered. The practitioner has the power to issue a certificate to the effect that the dispute resolution process is being bypassed before the court proceedings. However, there are a number of things that must be considered before taking that step.

A proven history of family violence, the risk of child abuse or any threats made to the other party regarding their safety, or emotional duress that is impacting on the party’s psychological, physical or emotional health are all issues that are looked at carefully. In addition, language or cultural barriers or disadvantages that relate to the financial circumstances between the parties are also considered. There must be sufficient evidence to allow the dispute resolution practitioner to issue the relevant certificate.

In cases of violence and dispute resolution failure, the lawyer or practitioner is an impartial participant in the process, and to ensure that one party is not favoured over the other, there are a few other options that can be attempted. Undergoing mediation via telephone conferencing or video links is one alternative, and another is the presence of a support person, usually someone from family law Brisbane, in case one party becomes overwhelmed by the process.

These provisions are in place to ensure that due process is followed, while recognising that for people at the wrong end of a power imbalance, fair concessions must be made. If they can be accommodated in the manner set down, it is hoped the parties can end the relationship with no further violence occurring.