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Unit of study_

LAWS6953: Law of Asset Protection

Intensive April, 2023 [Block mode] - Camperdown/Darlington, Sydney

Asset protection is concerned with the preservation and transmission of property of individuals, families or corporations. It has the broad purpose of minimising legal business and political risks by safeguarding assets from seizure, loss and diminution in value. It is concerned with the protection of assets from potential creditors, government expropriation, excessive taxation and catastrophic loss. It is a vital component of tax advice, wealth management and financial planning. This unit examines the legal aspects of asset protection from both Australian and international perspectives. It provides a sound understanding of the legal techniques and principles of asset protection. The complex interaction between company law, the law of trusts and property, tax and estate planning laws, bankruptcy and insolvency laws is analysed. The unit focuses on the laws of a select number of offshore jurisdictions as well as international trust law. It examines the legal impediments and ethics of asset protection. Anti-money laundering rules and the civil and criminal liabilities of trustees and professional advisers are also covered.

Unit details and rules

Unit code LAWS6953
Academic unit Law
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

No

Teaching staff

Coordinator David Chaikin, david.chaikin@sydney.edu.au
Lecturer(s) David Chaikin, david.chaikin@sydney.edu.au
Type Description Weight Due Length
Assignment Long Release Assignment No 2 - Research Paper (50%)
Research paper on specific topic of asset protection law
50% Week -01
Due date: 19 May 2023 at 11:59

Closing date: 29 May 2023
4,000 words / 9 weeks
Outcomes assessed: LO1 LO2 LO3
Assignment Long Release Assignment No 1 - Literature Review (20%)
Literature review of selected research topic
20% Week -02
Due date: 01 May 2023 at 23:59

Closing date: 06 May 2023
1,000 words / 6 weeks
Outcomes assessed: LO1 LO2 LO3
Supervised test
? 
In-class supervised test (30%)
Examines knowledge of principles and limits of asset protection law
30% Week 01
Due date: 25 Mar 2023 at 10:00
1 hour
Outcomes assessed: LO1 LO2 LO3

Assessment summary

In-Class Test (30%): This is a pen and paper In-Class Test covering the content of the unit. It is worth 30% of the final mark for this unit. It is designed to test students’ understanding of the principles of asset protection and how they are applied in practice, as well as the interaction of various areas of the law in asset protection. The In-Class Test will be supervised and consist of 2 generic problems or short essay type questions, with each problem / essay worth 15%.

The In-Class Test will be 1 hour duration plus 30 minutes reading time, commencing 10am Saturday 25 March 2023 (AEST). It will be an open book In-Class Test with books, notes and other materials allowed into the exam venue, with the exception of University Library books. Students are not permitted to bring to the exam venue electronic devices with ‘smart technology’, such as laptops, phones, smart watches, headphones.

Students will be supplied with the In-Class Test paper and answer booklets, which must not be taken out of the exam venue. 

Research paper project consists of two compulsory items:  Students may choose 1 of 5 pre-digested research topics (which will be released 4.30 pm Friday 17 March 2023), or with the approval of the Unit of Study Coordinator, carry out research on a topic that they are interested in. In both cases, students will be required to carry out two inter-related research tasks as follows:

  • Long Release Assignment Number 1 – Literature Review (20%):  The first assignment is the development of a literature review of the leading articles, cases etc on a particular research issue. The maximum number of words of the literature review is 1,000 words, not including footnotes. Students are expected to review at least 3 leading articles, cases etc on the topic. The date of submission of the literature review is 11.59pm Monday 1st May 2023 (AEST) and must be submitted via Canvas/Turnitin. The literature review will be worth 20% of the final mark.
  • Long Release Assignment Number 2 – Research Paper (50%):  The second research task is the development of a research paper on a given research topic. The research paper must be on the same topic as the literature review. The maximum number of words of the research paper is 4,000 words. The word count does not include footnotes or a bibliography which is mandatory. The research paper should focus on the development of an argument using relevant literature. It should not repeat the contents of the literature review except to the extent that it forms part of the argument. The research paper must be submitted by 11.59pm on Friday 19 May 2023 (AEST). The research paper will be worth 50% of the final mark. 

Where the research topic is subject to approval by the Unit Coordinator, anonymous marking may not be practical. 

Special consideration: The outcome of a grant of special consideration application may include an alternative task, at the discretion of the Unit Coordinator. 

Use of editors or proof-readers: The use of assistance in preparing and editing assessment tasks in this unit of study is strictly prohibited. Assistance includes human and automated writing tools (not including spell checking).

Word Limit Penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude all footnotes and any bibliography (if required). 

Assessment requirement to pass a unit of study: A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise, an Absent Fail grade will be recorded as the student’s result for this Unit of Study.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

  • Completely answers the question.
  • Contains striking originality of approach or analysis.
  • Demonstrates exhaustive or innovative research (where independent research required).
  • Exceptionally well written, structured and expressed.
  • Is otherwise exceptional in some way.

Distinction

75 - 84

  • Completely answers the question.
  • Achieves a critical and evaluative approach to the issues.
  • Content and structure is well organised in support of the argument.
  • Demonstrates extensive research and analysis to support a well-documented argument.
  • Generally well expressed and free from errors.
  • Has a clear structure and is well articulated.

Credit

65 - 74

  • Covers main issues fairly well in answering the question.
  • Contains no significant errors.
  • Demonstrates an attempted critical approach to the issues.
  • Demonstrates reasonably sound research and analysis in addressing the key issues.
  • Has a clear structure and reasonably clear expression.

Pass

50 - 64

  • Identifies the key issues, but does not follow through with a reasoned argument.
  • Contains some significant errors.
  • Displays satisfactory engagement with the key issues.
  • Offers a descriptive summary of material relevant to the question.
  • Superficial use of material, and may display a tendency to paraphrase.
  • Demonstrates little evidence of in-depth research or analysis.
  • Adequate expression.
  • Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.

Fail

0 - 49

  • Does not answer the question.
  • Contains significant or numerous errors.
  • Few or no identifiable arguments.
  • Content that is inappropriate or irrelevant.
  • Lack of research or analysis.
  • Difficult or impossible to understand through poor grammar, expression or structure.
  • Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, without an approved extension, will attract a penalty of 10% of the total marks available for the piece of assessment per calendar day. For example, a submission after 4pm but by 11:59pm on the due date for submission will attract a 10% penalty. A submission after midnight of the due date for submission will attract a 20% penalty.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Ongoing 1. Overview of asset protection; 2. Corporations as an asset protection vehicle; 3. Trusts as an asset protection vehicle Seminar (8 hr)  
1. Bankruptcy; 2. Family law; 3. Estate planning and asset protection Seminar (8 hr)  
1. Money laundering and anti-money laundering; 2. Professional advisers, lawyers and trustees Seminar (8 hr)  
Comparative and offshore aspects of asset protection Seminar (8 hr)  

Attendance and class requirements

Attendance: All students are required to attend 70% of classes to satisfy the pass requirements for this unit of study. Students are required to participate in all classes including in-class group exercises and presentations. Failure to meet this requirement may result in a student being precluded from sitting the final assessment.

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the library website where this is set out comprehensively is available at https://libguides.library.usyd.edu.au/c.php?g=508212&p=3476376

 

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

David Chaikin and Gordon Hook (eds) (2018) Corporate and Trust Structures: Legal and Illegal Dimensions (Australian Scholarly Publishing)

There is a separately devised reading list which will be uploaded to Canvas.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. Examine the legal aspects of asset protection, from both Australian and international perspectives, and analyse how they are applied in practice.
  • LO2. Critically evaluate the legal techniques and limits of asset protection.
  • LO3. Analyse the complex interaction between company law, the law of trusts and property, tax and estate planning laws, bankruptcy and insolvency laws through writing, problem solving and research.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Teacher consultation guidelines: Preferred method of communication is through the university email account. With regards to correspondence with academic staff, students should remember to sign their name, provide their student identification number, and state the subject, especially when sending emails.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

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