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Professional trustee bankrupted

It is commonly believed that professional or independent trustees operate in a different capacity than  trustees who can benefit from the trust; and that liability, if it arises, should only be borne by trustees who can benefit from the trust (see Rubber stamp alert).  This is not the case. A professional trustee was recently bankrupted … Continue reading

Relationship proofing trusts – can we, should we?

A trust can run for up to 80 years at present.  While the odd relationship clocks up similar tenure, like trusts many are brought to an end sooner than death does them part. Some settlors of trusts, or their canny advisers, consider the possibility of the relationship not lasting the distance and draft the deed … Continue reading

Trusts and uncertain creditors

Trustees are personally liable to meet trust debts.  However, difficulties can arise when a trustee has concerns regarding the bona fides of creditors.  This issue was considered by the Court in Public Trust v Conway Madison Group Limited (In Liquidation).  Background The Public Trust was appointed as a trustee of the Madison Family Trust (the Trust).  Following … Continue reading