![]() ![]() The Terms of Use that customers enter into with cryptocurrency platforms are critical to the analysis courts are likely to apply principles of applicable contract law to determine ownership and property of the estate issues.The Celsius Network decision is the first in a likely series of rulings in Celsius’s bankruptcy cases on the issue of who owns digital assets deposited by customers that will help guide, but not bind, how the courts in the Voyager Digital Ltd., FTX Trading Ltd., BlockFi Inc., and other crypto bankruptcy cases decide similar issues in those cases. ![]() chapter 11 bankruptcy cases, held that, based on the unambiguous Terms of Use 1 entered into by the customers, digital assets 2 held in a yield-earning account (each an “Earn Account”) on Celsius’s cryptocurrency platform are not owned by the customer, but rather are property of the bankruptcy estate. We will also act as your Wyoming registered agent.In a decision of first impression regarding whether certain digital assets are property of a bankrupt debtor’s estate ( attached here), Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York, presiding over the Celsius Network, LLC, et al. If you’re just getting into LLC asset protection and asset protection in general, we can form a Wyoming LLC for you for $100. You can then use our mail forwarding service to get a Wyoming LLC bank account or a bank account in any state. If you’d like to change registered agents you can order below. If you’ve already formed an LLC, you can switch the registered agent to us, so you can use all these templates and many more to maintain your company. We can help you start a new LLC to start over, but you REALLY shouldn’t mingle it with old business and you definitely shouldn’t go transferring assets into it unless your attorney advises you to, and if your attorney advises you to do transfers, we’d recommend you get a second opinion. You should be working with your local attorney for each and every step you make. You should not be transferring assets around. If you moved assets for a legitimate purpose like restructuring your assets and you’re not trying to fraudulently defraud people, you have a great chance at having asset transfers into an LLC be a legit transfer. Let’s say you stop paying even 4 years from now a court would probably still void out your transfers and force you to unwind the LLC. Now, let’s say you’re paying your debts now, move a bunch of assets into an LLC, and then stop paying… That’s no good. If you’re not in default, you have normal debts, and you’re making your payments or paying people you owe without problem, you should be totally fine transferring assets into an LLC. Shuffling money around to specifically avoid a debt is called a fraudulent conveyance of assets, or a fraudulent transfer of assets. While you may be able to pull this off for the short term, you will get HAMMERED if this comes out in court. There is a MASSIVE misconception that people can just form a holding company, move some assets and money into it and not pay their debts. If you have a judgment on you that you don’t want to pay, you can’t just clear out your bank account and not pay it. If you already have a debt you owe and you cannot pay it, you can’t just swap assets and money around to hide. They are all private documents, but having a notarized signature on each bill of sale, gives the documents a certified date, should a question ever arise in the future.We recommend getting these documents ready for signing, and then actually going down to your bank and asking a banker to notarize your signature or anywhere where you can get a notary to stamp your signatures. You don’t give these documents to anyone. If they are untitled items such as cash and other assets, it’s as simple as creating a bill of sale.ĭocumenting these items with a certified date is the most important thing to avoid fraudulent transfers. If your assets are titled items it will take issuing bills of sale and refiling title work and deeds of trust with your county DMV and county property recorder. You can even take in some of our templates here so they have a base place to start off of. A great option is to have us form an LLC for you, and then take all the LLC papers into your local attorney and have them draft the bills of sale and help you through the process of transferring assets into the LLC. Transferring assets into your new LLC can be a cumbersome process. How To Transfer Property To A LLC Transfer Property To A LLC ![]()
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