ARTICLE · 18 APRIL 2019

It's Not Really Mine, It Belongs To My "Trust"

Watson Goepel LLP

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The use of trusts and other vehicles for business and asset protection purposes is a long-standing practice.

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The use of trusts and other vehicles for business and asset protection purposes (amongst other things) is a long-standing practice. If structured appropriately such entities can provide a number of financial, tax and other benefits. However, simply setting up a trust, or purporting to move assets into it, does not necessarily provide creditor protection, particularly where subsequent conduct is inconsistent with the alleged transfer .

In the recent decision of McGoey (Re), 2019 ONSC 80 the Ontario Superior Court of Justice had occasion to consider the bona fides of the alleged transfer of assets to a trust by a Bankrupt (Mr. McGoey) and in particular, the concept of sham trusts.

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