Trustee

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What interest does a bankruptcy trustee have in the property of a bankrupt executor?

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What interest does a bankruptcy trustee have in the property of a bankrupt executor?

In cases where the bankrupt is an executor, the bankrupt’s beneficial interest in the deceased estate and their right of indemnity vests in the bankruptcy trustee. The bankruptcy trustee has a duty to creditors to manage the bankrupt estate prudently to achieve the best possible return on assets.

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Sladen Snippet - Federal Court affirms Trustees in Bankruptcy are liable for capital gains tax on property dispositions

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Sladen Snippet - Federal Court affirms Trustees in Bankruptcy are liable for capital gains tax on property dispositions

The Federal Court has confirmed that a liability to pay Capital Gains Tax applies to trustees in bankruptcy in respect of capital gains derived in their capacity as trustee.

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Sladen Snippet – Williams Part 2 - another SMSF trustee bites the dust

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Sladen Snippet – Williams Part 2 - another SMSF trustee bites the dust

As seen in Part 1 of our article on the case of Williams v Williams, this is the latest of a long line of cases that have found that a binding death benefit nomination (BDBN) was not binding. However, the case also is an important decision in relation to when the Court will remove an SMSF trustee.

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Sladen Snippet - NSW Supreme Court holds manager of protected estate cannot make BDBN on behalf of protected person

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Sladen Snippet - NSW Supreme Court holds manager of protected estate cannot make BDBN on behalf of protected person

As discussed here and here, the decisions in Re Narumon [2019] 2 Qd R 247 and Re SB; Ex Parte AC [2020] QSC 139 made it clear (at least in Queensland) that: