(b) That's right. No legal distinction is drawn between a sole trader and the business operated by a sole trader. This means that all the assets and liabilities acquired by the sole trader, whether in the course of business or not, belong to the sole trader themselves. If a sole trader incurs a liability that exceeds the assets that have been earned in the course of business, the sole trader's personal assets are available to the creditors. This includes persons who have obtained an award of damages against a sole trader.