Debtors protect assets in private trust

Hundreds of distressed borrowers — including businessman Bill Cullen — have ploughed their assets into a single private trust in a bid to prevent lenders repossessing their properties.

Land and buildings belonging to at least 600 developers, businessmen, and farmers have all been put into this trust since word about it began to spread late last year.

They are hoping the courts and lenders will be unable to get at the assets because of the ancient and complex trust laws.