Trust property cannot be foreclosed by the personal creditors of the trustee, the beneficiary or their heirs.

Holding property this way may also reduce state and Federal estate taxes, and put the property beyond reach of the personal creditors of a co-owner.

Either keeping personal creditors accounts or making sundry creditors adjustments can consume inordinate amounts of administrative and accounting time.

The villa and four cottages owned by the couple was put up for sale in August 2002 by the receivers PricewaterhouseCoopers to pay personal creditors.

Second, corporate assets cannot be withdrawn by its shareholders, nor can the assets of the firm be taken by personal creditors of its shareholders.

The government also charged that Mr. DeGiorgio, of Cold Spring Harbor, N.Y., used hundreds of thousands of dollars paid to HVB to pay personal creditors.

The Hunts said that raising $225 million in the depressed economic sectors in which their interests are concentrated would force a "fire sale" of their assets and would result in nonpayment to business and personal creditors.

The advantage of this income and converted payments method over the full accruals method is that personal creditors accounts do not have to be maintained (why keep a record of the individuals to whom you owe money - they will tell you soon enough if you do not settle) and the bookkeeping effort is reduced.

In his civil suit, Mr. Sansum accused Helen Fioratti of diverting more than $4 million owed to the gallery to offshore bank accounts, and using the money to pay personal creditors involved with her residences in Italy, as well as selling items directly to clients and demanding payment to herself rather than the gallery.

If a personal creditor of the heir has been sent into possession in order to protect his property, and has obtained an object left under trust to me, it is agreed that I ought not to be prejudiced by him in any way; no more than if he had received that object as a pledge from the heir himself.