The recent scandal surrounding the building defects crisis that appears to have its Australian origins in Sydney is probably only the tip of the iceberg. Unfortunately, there are many victims in this ongoing saga beyond the inhabitants and owners of those buildings.
By way of collateral damage, it has been recently reported that Queensland’s $50 billion construction sector could grind to a halt as the number of identified faulty buildings rise. This prospect is in part due to the difficulty that certifiers are presently facing attempting to obtain public indemnity insurance due to skyrocketing premiums and excesses. This state of affairs is even more alarming as the lawyers are beginning to circle and commence litigation claims for the extensive losses suffered.
This state of affairs brings the issue of having an appropriate asset protection strategy squarely into focus. If you participate in the building and construction industry and do not act to protect your assets and wealth generated over the period of your working life, you risk losing it all in the event that, either now or in the future, you cause loss to a customer, that at the time, you had no vision of.
At Toohey Reid, we specialise in generating asset protection strategies not only to clients in the building industry but also for all other industries where the risk of commercial or operational loss is simply part of the price of doing business. The problem is, once you identify a threat or a risk of causing loss, it may be too late to protect your assets and wealth from a potential creditor. Instead, for your asset protection strategy to be effective, it must ordinarily be implemented before the prospect of any loss arises.
If you would like to have a chat about developing an asset protection strategy please give us a call.
General Advice Disclaimer
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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