Re: Anonymous UK company

On Thu, 21 Jul 2005 08:57 +0100 (BST), Paul Cummins in message
<news:memo.20050721085722.3204A@xxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

> In article <19as3r8juos94$.5gc3e4ryt2as.dlg@xxxxxxxxxx>, me8@xxxxxxxxxxx
> (Alex Heney) wrote:
>
>> You have basically said that you want to put your assets somewhere
>> out of
>> sight, so that you won't lose them if you go bankrupt.
>> "I would like to have some property in the company in case I go bust,
>> get
>> divorced etc"
>>
>> That is fraudulent.
>
> No, that is investment :-)
>
> It's perfectly lawful for the company to own the house, and rent it to
> him and him to own the company through nominees.
>

It is indeed.

But it isn't lawful for him to divest himself of assets in that way in
order to avoid losing those assets if he goes bust.

If he sells the house to the company for a fair market price, and then
rents it back to himself, that would be fine.

But just transferring ownership to the company without getting anything in
recompense will undoubtedly be seen as a fraudulent transaction if the
circumstances arise where it matters.

--
Alex Heney
Global Villager
Shareware: forget the manual...phone the author at home!
To reply by email, my address is alexATheneyDOTPLUSDOTcom
.

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