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If it were a movie the title might be: “Rosebud 2 – the edifice collapses further. The case of Rosebud Corporate Trustee Limited v Bublitz focused on whether the trust for which Rosebud Corporate Trustee Limited (Rosebud) acted was a sham. As a result of the court finding the trust to be a sham an agreement that Rosebud Trust purported to … Continue reading
The dispute over Huka Lodge (see the Fight Over Huka Lodge) highlights an element of certain trust-based relationships that can be overlooked. This is the ability for subsequent trust-related disputes to survive time-barring due to the passage of time. Michael Kidd and Alexander van Heeren were former partners in a successful partnership that amassed significant wealth … Continue reading
Family trusts are tricky things. The more so when there are loose ideas about maintaining and benefitting beneficiaries; but no real means to do so. Commonly such trusts own a single asset and require regular financial or other assistance from the settlor or involved trustees. Such was the position of the trust settled by one Mrs … Continue reading
Much is written about breach of trust, and the liability that can flow. However, a sensible question, might be, is a breach of trust always fatal? Can trustees have a go at getting it right? As it happens, yes, in some circumstances. as is demonstrated in Masters v Stewart they can. In that case, a capital distribution … Continue reading
The latest instalment of the long-running saga involving one Mrs Colebrook, the trustees of the Stokes Family Trust and the trustees of the RM Colebrook Family Trust has held that the trustees of the Stokes Family cannot sustain caveats lodged against the titles of the properties owned by the trustees of the RM Colebrook Family Trust. Background … Continue reading
Trustees act personally. Where a trustee enters into a transaction the trustee is personally liable unless that liability can be limited. Sometimes this is possible by way of a contract term, in some instances standard from agreements can include a limitation of liability. However, in other instances, for example where liability is imposed by statute for … Continue reading
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
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
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
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
Matters of Trust 