The Government has advised that new legislation will shortly be introduced to remove the Crown guarantee of the Public Trust. The reasoning given is that this is in line with government policy for the last several decades that Crown-owned commercial businesses should not have a competitive advantage through being Crown-owned. Public Trust currently has an AA credit … Continue reading
The use of corporate trustees is a common response to trustee liability. However, where one of two natural person trustees retires and a corporate trustee is appointed, it is important to consider whether the retiring trustee has been discharged. See ss 43, 45 and 46 of the Trustee Act 1956, which provide: Relevant Legislation 43 Power … Continue reading
Worried about all the ways your decision to accept appointment as a trustee will come back and bite you? CCH Learning – Trustee Series 2017 Webinar Trustee Liability might be just the thing that you need to help you sleep at night.
When a trustee retires, it is necessary to transfer the trust’s assets from the trustees (including the retiring trustee) to the continuing and any new trustee. Where a trustee is removed in contentious circumstances the trustee may be unwilling to assist in the transfer of trust property. Sometimes with good reason – for example where … Continue reading
The expression “One swallow does not a summer make, nor one fine day; similarly one day or brief time of happiness does not make a person entirely happy” is attributed to Aristotle (384 – 322 BC). This proverb is perhaps apposite in the case of D v T. D (age 72) and T (age 59) … Continue reading