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However, as the directors and trustees are one and the same, perhaps a difficult pill to swallow nevertheless. The case of Owens v Shaw is a little hard to make sense of given that the trustees of a trading trust, also traded through a company (on behalf of the trust) on account of one supplier who … Continue reading
A trust is settled. The settlors are trustees together with an independent trustee. The settlors’ marriage breaks down and they are no longer able to exercise their trustee powers. Everyone is busy attempting to remove and replace trustees to wrest control of the trust. Inevitably the matter comes before the court. What is the court to … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
It may seem somewhat trite law that once a trust is settled, the settor loses the right, by virtue of having made that settlement, to control the trustees. To put this another way, just because you are the source of the trust’s assets, you cannot determine how these assets are utilised. This fundamental proposition of trust … Continue reading
In Bank of New Zealand v Rowley and Skinner [2012] NZHC 2835 the High Court determined that it could have the jurisdiction to liquidate a trust. See Liquidation of trusts – more clever ways to winkle assets from trusts for the background facts. The matter has now been reconsidered, following service of the judgment referred to … Continue reading
The recent decision in SW Trust Limited v Grandad’s Limited highlights, yet again, the number of corporate trustees operated by professionals that accept multiple trustee appointments but that do not appear to wish to be in the trustee business. In the judgment it is noted that: “First, the applicant is a corporate trustee. It was … Continue reading
Matters of Trust 