Professional trustees are carrying the can! There have been a number of recent cases where professional trustees have been financially caught out where the trustee
- is held liable, although not in breach of trust, or
- fails to be entitled to recover costs or be indemnified from the trust fund.
The trustees are all too often taken completely by surprise that they must carry the loss. This webinar is about using the learning from those cases to alert trustees to the dangers. Where trustees are making an important decision concerning substantial trust funds, this may warrant an application to the Court to obtain the Court’s blessing. A recent decision supports this approach, breaking new ground and bringing NZ in line with other countries – providing welcome relief for trustees. The parameters of this approach are considered.
For liquidators, a recent Court of Appeal decision regarding tracing funds has clarified the position in NZ which has suffered from conflicting High Court decisions. The webinar looks at where tracing misappropriated trust assets stops (but there is a key exception).
Presented by Vicki Ammundsen and John Brown, the cases covered will include:
- Courtney v Pratley
- Mackie Law independent Trustee Limited v Chaplow
- LSF Trustees v Footstep Trustee Co
- PV Trust Services Limited
- The Fish Man Limited, and
- R v Love.
To find out more see CCH Learning – Important trust cases update