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ATO kills McGrath franchisee overnight … 

We’ve been researching the circumstances of a number of once successful real estate businesses which have recently gone into receivership, administration or closed.

One business, a McGrath franchisee with dozens of off the plan sales, a large rent roll and the backing of head office (seemingly), was killed by the ATO.

Another business, Castlecrag Realty Pty Ltd (receivers and managers appointed), trading as Stone Castlecrag is presently in receivership.  It is understood the owner was experiencing personal difficulties.

Our research, which we’d like to share with agents in competition, indicates some or all of each of these situations might have been avoided by more thoughtful structuring and asset protection arrangements.

The McGrath business was wound up, more or less overnight, by the ATO.

The Castlecrag business is seemingly in very real financial distress.

Business Asset Protection, applying the research these cases (and others) have uncovered, is offering free business structuring health checks for estate agencies – particularly in the current slow and falling market where finance is difficult to obtain, overheads are fixed and the present election cycles may be causing distress.

To arrange a free structuring health check call now on 1300-327123 or complete the below form.

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Welcome to Business Asset Protection

This post launches our blog series where we will discuss a range of topics which are perhaps important to those holding assets, their advisors, mortgage brokers and private lenders and others.

In the coming week/s this blog will discuss:

  • A range of relevant legal terms and their meaning/s.
  • Securities in Australian law such as the PPSA, common law and otherwise.
  • Insolvency – including personal and corporate insolvency.
  • some case studies.
  • various legal remedies, and
  • other related topics.

We welcome your feedback.

Mark Smith, Director   IMG_2744

Business Asset Protection