True. It’s worth noting that incorporation does not completely protect you. You have to do several formal corporate things, and you have to have a proper corporate structure. If you screw up on some formality, the courts can “pierce the corporate veil” and come after your personal assets.
The businessman in question has had a long career of not really caring about the rules, and getting away with it because he has pricey lawyers.
Trump is a different case. He creates ventures ass eparate companies with a slew of investors. He has a small share of the assets in return for his name, and also collects significant royalties and management fees. Some projects work, some don’t. If the math on a project was touch-and-go, if it fails because the market was not better than average when the real estate project is done, or costs get out of control, well, it’s no skin off his ass (or his head, apparently). So it’s a legit but risky business deal. If it doesn’t work, it doesn’t work. Trump is not as dumb as he looks (he couldn’t be) but he has no qualms risking other people’s money if they are dumb enough to let him. Sometimes the deal works and everyone gets rich. He’s done a really good job with daddy’s millions.
Whereas an officer of a corporation that apparently acts, not for the good of the business but to transfer the business’s wealth to himself personally, then he could be held liable personally for the actions of the corporation in any shady dealings.
As for teh other way - if you transfer your assets into a corporation, then either:
(a) you own a corporation wth really valuable assets - which is one of your assets, someone suing you can thake that corporation, or
(b) you are not the owner of said corporation, and you ahve sold/given the assets to the corporation below fair market value for the express purpose of hiding those assets from bankruptcy. You and the other owner(s) can probably be charged with conspiracy to commit bankruptcy fraud by hiding assets, etc.