Business partner vanished left unfinished project to the client

Background： Mr Z invested $7mil in a local medium size property development firm. However, the project has suffered from the mis-management which led to lack of sufficient cash flow. The project was forced to stop and the director of the company vanished to avoid his liabilities. Mr Z came to us for help in hope of legally taking over the unfinished project to minimise his loss.

How we went: After reviewing and analyzing the case, the team at Wise Choice Partners came up with a solution. Working with his lawyers, we managed to take over the land for Mr Z as mortgagee and transferred the land into his new entity to be able to continue the project. At the same time, we successfully negotiated and obtained a written private ruling from ATO , allowing Mr Z’s entity to claim all the previous costs spent on the project by the local company as deductions. With our assistance, tax liabilities of Mr. Z were extremely minimised and the project was completed and sold as planned!