Problem
Roger Rogue owned an Electrical Products business. Roger sold his business to Roger Electrical Pty Ltd, which he incorporated because he was worried about a drop in sales and an escalation of trade creditors. Roger was the only shareholder and director of the company. He took out a debenture for $100,000 over the shares in Roger Electrical Pty Ltd. The company's creditors were owed $1,000,000 over the value of the business assets. The company went into liquidation. Roger's home was valued at $1,500,000 but he transferred it into his wife's name when the business was in trouble. Could the liquidator sue Roger for the debts owing to the company?