Coronavirus Blog Series: Asset Protection Planning
Published 24 March 2020
Coronavirus pandemic presents unprecedented challenge to the world. Choose between economy and health.
The coronavirus pandemic is wreaking havoc on the global economy. At a local level in Northern Ireland, as we try and predict the potential human cost that is likely to arise and devastate families, local businesses are having to take difficult decisions in order to protect the health and safety of their workforce and wider network.
In times of crisis, it can be hard to stay calm and be optimistic, however by taking proactive steps now, you can put your business in a more secure position to stay strong and recover faster once the crisis subsides.
Since the extent of the pandemic has become known, in addition to providing employment advice to include contractual rights to reduce working hours as well as the introduction of temporary lay offs, we have also been advising local business owners on the implementation of appropriate asset protection plans to protect assets as a result of the economic adversity which we are facing.
As the effectiveness of government measures remain unknown, a comprehensive asset protection plan should significantly reduce risk by insulating business and personal assets from the claims of creditors.
Strategies used in asset protection planning which we have advised include the introduction of separate legal structures, such as holding companies or trust arrangements.
This article is for general guidance only and should not be regarded as a substitute for professional legal advice.