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Federal Court dabbling in insolvent trustee company law

Another case on trusts and insolvent corporate trustees was handed down recently, this time by Derrington J in the Federal Court. Much longer decision than the Amerind, High Court, one recently! Main things to take away: — sham unit trust created when members of a community put money together for the purpose of purchasing properties —…

PMSI’s and trust companies, to ABN or to ACN

Credit managers, if your customer trades its business under a trust structure, please be sure to register your PMSI* based on your customer’s ABN, not ACN. If your customer fills out its credit application with you and only supplies its business name and/or ABN, please be sure to run (at least) a free ABN look-up** to make…

Let’s fix our search registers!

Thoughts on Aus Gov creating a register of all partnerships, trusts, sole traders, trading trustee company identities, free of charge and readily accessible? ABR.gov.au definitely does not count. Why in 2018, is it still so hard to work out who the trustee of a trading trust is, or, more generically, who your customer is? If…