Hakan Kutup – pleads guilty

Hakan Kutup, source: Illawarra Star - Madeline Crittenden.

As we’ve blogging for some time, now disgraced Wollongong based former Century 21 real estate agent Hakan Kutup has pleaded guilty to fraud, forgery and misappropriation offences at the Wollongong Local Court recently.

Sydney’s Daily Telegraph reported: Click here that Hakan began inventing sales in late 2017 however the slippery slope caught up with him when arrested in late 2019 after he could no longer shuffle the deck chairs and lenders and others began to investigate.

Unfortunately the maximum penalty of imprisonment is just 2 years and Hakan’s guilty plea will no doubt result in a discount, however we think it is a safe bet that Hakan’s (who is also bankrupt) will not be administering a trust account any time soon.

Sentencing of Hakan Kutup is expected sometime around June 2020.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

To contact us with any tip-offs, files or information – please use the instant chat tools or form below:

ATO kills McGrath franchisee overnight … 

We’ve been researching the circumstances of a number of once successful real estate businesses which have recently gone into receivership, administration or closed.

One business, a McGrath franchisee with dozens of off the plan sales, a large rent roll and the backing of head office (seemingly), was killed by the ATO.

Another business, Castlecrag Realty Pty Ltd (receivers and managers appointed), trading as Stone Castlecrag is presently in receivership.  It is understood the owner was experiencing personal difficulties.

Our research, which we’d like to share with agents in competition, indicates some or all of each of these situations might have been avoided by more thoughtful structuring and asset protection arrangements.

The McGrath business was wound up, more or less overnight, by the ATO.

The Castlecrag business is seemingly in very real financial distress.

Business Asset Protection, applying the research these cases (and others) have uncovered, is offering free business structuring health checks for estate agencies – particularly in the current slow and falling market where finance is difficult to obtain, overheads are fixed and the present election cycles may be causing distress.

To arrange a free structuring health check call now on 1300-327123 or complete the below form.

 

 

ATO kills huge liquor business overnight … 

We’ve been researching the circumstances of a once highly successful liquor manufacturing business, with a huge client base – domestically as well as around the world.

This business had grown and prospered for more than 50 years until this year.  This hard work was all undone overnight when it was wound-up by an aggressive ATO.

Our research indicates some or all of the situation could have been avoided with more thoughtful structuring and asset protection arrangements.

The business was wound up, more or less overnight, by the ATO.

50 years of hard work bought undone overnight.

Business Asset Protection, applying the research this case has uncovered, is offering free business structuring health checks for companies – particularly in high tax sectors such as liquor, with slow paying wholesale customers or those experiencing growing inventory levels.

To arrange a free structuring health check call now on 1300-327123 or complete the below form.

 

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Welcome to Business Asset Protection

This post launches our blog series where we will discuss a range of topics which are perhaps important to those holding assets, their advisors, mortgage brokers and private lenders and others.

In the coming week/s this blog will discuss:

  • A range of relevant legal terms and their meaning/s.
  • Securities in Australian law such as the PPSA, common law and otherwise.
  • Insolvency – including personal and corporate insolvency.
  • some case studies.
  • various legal remedies, and
  • other related topics.

We welcome your feedback, or if you’d like to submit a question or comment – please complete the form below.

Mark Smith, Director   IMG_2744

Business Asset Protection

www.assetprotection.biz