The Proceeds of Crime Act 1991 (since replaced by the Criminal Proceeds (Recovery) Act 2009) provides for the forfeiture of property used in the commission of a crime. In the case of Solicitor-General v Monk the property in question was a family home that had been used in the manufacture of methamphetamine. The fact that the home was owned … Continue reading
The importance of genuine trust management cannot be overstated. Although a common response to what are ofter seen as “rubber stamp” independent trustees, is to dispense with independent trustees altogether, this approach is dangerous and can make it difficult to evidence an effective trust. The fact is, trust ownership can be a bit of a … Continue reading
It is common practice for professional trustees to act as the director of a trustee company rather than personally. The use of a corporate trustee can limit the liability that the professional adviser might otherwise incurred had the adviser acted personally (see McNulty v McNulty where the beneficiaries claim against the director of a corporate trustee was … Continue reading
It is common for a modern deed of trust to provide for an appointor who has the power to add and remove trustees. Where the deed is silent regarding the appointment of trustees, recourse can be had to s. 51 of the Trustee Act, which empowers the court to appoint new trustees. Although, there is … Continue reading
I’m presenting a webinar for NZICA on the Taxation of Trusts on 23 March 2012. The webinar will provide an overview of the many and varied ways in which trusts are taxed and will also include the opportunity to ask questions. If you are interested in attending the webinar contact NZICA directly.
When Alexander Pope wrote “To err is human; to forgive, divine” it is doubtful that his mind was turned to matters equitable. However, the expression is an apt description of the recent decision in Official Assignee v Mayers. This case considers whether the Official Assignee can recover gifts made by way of forgiveness of debt prior to … Continue reading