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I have a client that owes me fees for an audit and have now wound up the fund prior. As they were individual trustees can I make a claim against the trustees or have I lost these fees?
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Hi Stewart
A Trustee is normally personally liable for any liabilities of trust & that would include a SMSF. My view is yes you should be able to make a claim against the trustee however this is a legal question so it may be worth discussing with a lawyer the impact of the Fund being wound up.
Perhaps also the audit engagement letter should refer to who is liable to pay audit fees in the event a Fund has been wound up and has no assets.
Thanks
SMSF AAA