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The Judicial Committee of the UK Privy Council (the Privy Council) has ruled four to three in Equity Trust (Jersey) v Halab and ITG v Fort Trustees (Guernsey that there is no chronological priority for trustees where there is insolvency. Rather the approach taken is one of pari passu: that is, trust assets should be … Continue reading
Nadan v Sharma relates to an application for the removal of trustees and the appointment of an independent corporate trustee in circumstances where the trustees’ marriage has ended and the trustees are deadlocked. Of note is that prior to the application for removal was made following two arbitral awards in respect of the jointly settled … Continue reading
D and E Limited v A, B and C relates to the appeal of the High Court decision in A v D and E. See Breach of parental fiduciary duties. Simply put, the Court of Appeal (by a majority decision) allowed an appeal against the ground breaking decision of Gwyn J holding that a parent … Continue reading
The annual tax rates and remedial matters Bill has been re-introduced today. See Tax remedials. The new bill is the same as the annual tax rates and remedial matters Bill introduced last week, but without the proposal to standardise the application of GST to fees and services of managed fund providers. The full Bill can … Continue reading
Merona Trustees Limited considers how the words “the children of the settlors” should be interpreted. To resolve the dispute as to whether these words mean: the trustees have sought directions pursuant to section 133 of the Trusts Act. Background facts Opinions A number of opinions were subsequently obtained regarding the position of Rob and later … Continue reading
Editor’s note: This bill was withdrawn on 1 September 2022. The bill was reintroduced as the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) 164-1 (2022), Government Bill Contents – New Zealand Legislation on 8 September 2022 The remedial matters in the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial … Continue reading
Exercise of discretion is a fundamental aspect of the role of trustees of discretionary trusts. However, in the context of a family trust that can span multiple generations, the correct approach to the exercise of discretion can be challenging. The decision by the Supreme Court of Victoria Court of Appeal in Owies v JJE Nominees … Continue reading
Re Darlow (in the Estate of Janette Diana Moleta) relates to an originating application for directions pursuant to s 133 of the Trusts Act 2019. The applicant Mr Darlow is the executor of the estate of Janette Moleta (the Estate). He seeks a direction that “… following the conclusion of an appropriate advertising campaign, he … Continue reading
Mr Friend met Mrs Latika Sen in 2011 outside a diary. Mr Friend and Mrs Sen became friends and her family provided Mr Friend with friendship and support. Mr Friend had some ill-health and in 2013 he scored 23/30 on a mental state assessment, equating to mild dementia. Mr Friend was discharged from hospital to … Continue reading
The background to FFP Trustee (NZ) Limited v Peng is complicated. There are two applications before the courts, on relating to a restructuring proposal and the other relating to forfeiture of certain trust assets and directions regarding service. By way of background: TFFP sought leave to commence the current application by way of originating application. … Continue reading
Matters of Trust 