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Another bad day as a trustee

The recent decision in Selkirk v McIntyre raises the largely unappreciated issue regarding the extent to which a trustee can make recovery from a co-trustee on account of liability that has been incurred by the trustee.  The case also addresses (once and for all might be an optimistic assessment) whether the fact that a co-trustee … Continue reading

The Trust Illusion

The recent High Court decision in Clayton v Clayton has been appealed and cross-appealed.  Leave has also been given for certain appeals to be made out of time. The appeal will be heard on 14 July 2014.  In the meantime, Mrs Clayton has served a bankruptcy notice on her former husband in respect of costs … Continue reading

The cost of charity

A number of large international businesses are getting some heat at the moment on account of the ostensibly minimal amounts of tax being paid, a problem referred to as the BEPS (base erosion and profit shifting).  The issue relates to how existing tax rules in different tax jurisdictions allow taxable profits to be allocated to locations beyond where the … Continue reading

Should you be my trustee?

I reviewed a couple of trust deeds today.  Nothing unusual, it’s what I do.  For the record when reviewing a deed of trust I start of with my trust review check list and I finish off with a summation of what I feel.  While the check list elements are helpful in highlighting drafting errors and shaping my … Continue reading

Should trustees be party to relationship property agreements?

Relationships and trusts make poor bedfellows when relationships come to an end.  Trustees who are bitter over the end of a relationship are often unable to acquit the obligations and duties owed as a trustee to a beneficiary who is no longer loved and cherished. Relationships and trusts can make even poorer bedfellows when trustees are … Continue reading

Learning about trustee liability the hard way

Trustees act personally.  If a trustee does not limit his or her liability by agreement the trustee has no right to a limitation of liability by virtue of the trustee not being able to benefit from the trust. This position has been confirmed in numerous decisions.  The most recent involves one Mr Hunt and the Bank of … Continue reading