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Thrifty-Net Trust Set ups

Discussion in 'General Investing Discussion' started by DaveA, 13th Nov, 2007.

  1. DaveA

    DaveA Well-Known Member

    Joined:
    19th Feb, 2007
    Posts:
    617
    Location:
    Sydney, NSW
    Guess this maybe more aimed at Nigel but anyones welcome to respond.

    Just wondering if anyone has heard of Thrifty-Net? Or if anyone has used one of their trust deeds/corp trustee set ups?

    Link

    They provide deeds and companies basically automatically and courier the documents overnight. Seems a fairly good system and im mainly looking at it for a unit trust, however dont want to end up with one of those deeds which limits you in the future.

    They also do HDT's however i would only trust a MGS deed at this stage IMO.

    Cheers
     
  2. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    fwiw I haven't heard of them or used them.

    Had a quick look at some of the example documents which are viewable. Language and layout looked a bit dated...but that's on only a quick skim.

    Unfortunately the devil's in the detail. I think I posted previously a short list of things to look for in a trust deed. I'll see if I can dig it up or if not will re-post.

    Cheers
    N
     
  3. DaveA

    DaveA Well-Known Member

    Joined:
    19th Feb, 2007
    Posts:
    617
    Location:
    Sydney, NSW
    Here is a list from another thread...

    borrow & raise money (they're not the same thing)
    grant security
    guarantee and indemnify
    Trustee has right to be indemnified out of the trust fund
    operate a bank a/c
    carry on business
    lease goods/property
    appoint an attorney (I've heard some trust deeds from a prominent provider didn't address this but now fixed as I understand)
    trustee can act despite conflict of interest
    enter into derivative products/option facilities

    Would their be any thing else i should check. Im having a chat to the accountant tonight but looking to come with a list of questions to quiz him on.

    If im not happy, i might be off to NickM's