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Succession planning for sole director/members — do you have a valid Will?
If the sole director and shareholder of a company die without leaving a will, the risk of uncertainty regarding the operation of the company is much greater because:
- there is no one with the legal authority to make financial or business decisions on behalf of the company;
- the company cannot be easily sold, as there is no legal owner of the shares who could authorise their transfer; and
- it takes time (several months) to apply to the Supreme Court for letters of administration to manage the director's estate and during this time, the reputation of the company can also be severely impacted.
ASIC's information sheet: Importance of sole company directors/shareholders having a will outlines some of these issues.
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+61 3 9258 3864
julian.smith@maddocks.com.au
Qualifications: BA, LLB, Monash University, LLM, University of Melbourne
Julian is a Partner in Maddocks Commercial team. He advises a diverse range of clients across the Australian commercial and financial services landscape.
Julian's corporate practice spans various sectors, including financial services, professional services, and family-owned enterprises. He advises on:
- capital raising,
- disclosures,
- restructures,
- mergers and acquisitions,
- corporate governance,
- directors' duties, and
- trusts, corporations, and securities law.
Julian's financial services practice involves advising financial market participants on the entire financial services lifecycle including fund structuring, management options, and compliance with regulatory requirements.
Julian also offers guidance on alternative and disruptive financial services businesses, such as online foreign exchanges, internal markets, and management rights schemes.
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