The generation of Australians now dying was both the first generation to (collectively) build significant wealth in the form of land, business and share holdings and was simultaneously the most prolific in terms of progeny. Accordingly, there are many, many families that find themselves in dispute after a senior family member dies and the mix and quantum of assets to be assessed and distributed requires specialist knowledge and expertise – skills that reside with insolvency professionals.
And we’ve all seen the angst that results when a marriage breaks down and there’s significant assets to split. Multiply that by a factor when there’s children involved.
All disputes simply involve two parties with different views of a situation. Usually, at least one of the parties takes an emotional perspective and resolution of the dispute requires a third party who is able to take an objective, wholly rational and commercial view of the circumstances.
Of course, formal legal processes are expensive and time consuming and, in many cases, excessive when all that is required is for an independent person to make a logical assessment of the situation and provide a commercial recommendation for a solution.
Disputes between family members are often the most passionate and most destructive, especially where significant sums of money are involved. When an estate involves a business, the potential for substantial economic loss as a direct result of a family dispute is magnified.
However, much of the trauma can be removed from the process where an independent third party is able to prepare an itemised inventory, arrange valuations where required or otherwise assess realistic commercial values and provide commercial recommendations for a solution on a logical and rational basis.
BPS Advisory holds specialised skills suited to the management of estates or to the assistance of executors and / or trustees via consulting engagements.
BPS Advisory applies many of the techniques and processes used by commercial insolvency practitioners to the resolution of family disputes, resulting in efficient, effective and fair outcomes for all parties concerned.