Q - Do we need to provide the trust deed during any process?
A - Only if we request it
Q - Do we need to provide a deed of covenant and assurance during any process?
Q - Do we need a statement of financial position for the trustee company director, or covenantor of the deed (these will likely be the same person) during any process?
A - When assessing for Minimum Financial Requirements (outside of annual reporting), the licensee needs to hold the required NTA in their own right (so the corporate or individual trustee needs to be sufficiently capitalized in their own right),
OR
the alternative is to rely upon a deed of covenant and assurance from a director or a related entity (company only, an individual licensee cannot rely upon a deed).
A - When providing an MFR Report which relies upon a deed of covenant and assurance:-
A Covenantor’s Statement of Financial Position is required for the covenantor,
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This needs to be accompanied by evidence of the covenantor’s net tangible assets
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For example, if the covenantor’s assets are cash at bank and a property, and liabilities are mortgage on property, then it would be a bank statement showing the owner of the account and value of cash at bank, ownership (ie rates notice) and valuation of property (kerbside valuation, RP data etc) and statement of bank loan showing mortgage liability).