SMSF Trustee hands over control to preserve fund

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Uploaded by on Jan 7, 2012

I have been running my own small business for about 10 years. Everything was going really well until I fell in for an online scam. Now I have a serious cash-flow problem. I was also convinced to invest in a tree farming scheme which went bust. My accountant tells me that the business won't earn enough money to repay my debts in time. Even worse, my bank is threatening to bankrupt me if I don't come up with the money. I have a SMSF, of which I am a director of the corporate trustee. Can the bank, or any other creditors, get at my super?

Platinum Member, Gold Coast, QLD

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