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Executors behaving badly

Death and taxes are often cited as the only certainties.  While these can be prepared for, sometimes, things change.  Even where a sensibly drafted will is in place, circumstances that might not have been foreseen can arise.  Sometimes at a time where the will-maker can no longer intervene. Where the issue relates to the appointment of … Continue reading

Sham trust – a rose by any other name

Allegations of sham are commonly made, but rarely made out. Accordingly the case of Rosebud Corporate Trustee Limited v Bublitz makes interesting reading.  The judge does not keep us in suspense long, coming out with his finding at p. 5 that the trust is a sham. One of the major players in this story is one … Continue reading

Corporate trustee in the firing line

The Financial Markets Authority (FMA) has filed civil proceedings against Prince & Partners Trustee Company Limited (“the Trustee”) using the powers of section 34 of the Financial Markets Authority Act (see below).   The Trustee was the trustee for finance company Viaduct Capital Limited, which collapsed in 2009. The FMA alleges that the Trustee breached the obligations it owed to … Continue reading

Beneficiaries enforcing their rights

Beneficiaries are often disappointed in the actions and decisions of trustees.  Sometimes with cause, sometimes without.  However, few beneficiaries seek court assistance, despite their right to do so.  It is presumed that this is for reasons that include the difficulties in galvanising classes of beneficiaries to take action, the cost of doing so; and in many … Continue reading

Greenpeace appeal result – one all draw

The Supreme Court decision in the Greenpeace appeal has been released.  The judgment of the court is that: The appeal against the Court of Appeal’s determination that a political purpose cannot be a charitable purpose is allowed (by a 3:2 majority) The appeal against the Court of Appeal’s determination that purposes or activities that are … Continue reading

Thinking ahead

Discretionary family trusts can last, at present, for up to 80 years.  While the Law Commission has suggested this should be extended to 150 years, in many circumstances just 80 years is too much.  Trusts take management and prospective planning, and sometimes good management means making practical decisions that people might not like.  It also means … Continue reading