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Vicki Ammundsen is presenting a webinar introducing trust concepts on 10 May 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. Topics covered will include: The requirements of a valid trust The significance of the fact that a trust is not a legal entity Independent trustees Contracting with trusts – … Continue reading
Small blog, bigger issue. With the abolition of gift duty, many gifting programmes have ceased. However, what has not ceased is advances to trusts. Whether it’s paying the rates, the mortgage, an advance for renovations or a share purchase, the funds keep on flowing. The issue? Where an advance is made to trustees (and keep … Continue reading
I enjoyed a spirited discussion tonight regarding the role of trustee and whether it is sufficient for one of a number of trustees to manage the trust and make all decisions regarding distributions provided that reports were made to the other trustee. Given the duties of management and accouting that trustees have and the obligations … Continue reading
Previous blogs have chronicled the lamentable mess that results when trusts settled to benefit parties and their children become deadlocked when the same parties fall out of favour with each other. So what are the parties to do when they remain unwilling co-trustees after the love has gone? One option is to seek the assistance … Continue reading
The recent decision in Selkirk v McIntyre raises the largely unappreciated issue regarding the extent to which a trustee can make recovery from a co-trustee on account of liability that has been incurred by the trustee. The case also addresses (once and for all might be an optimistic assessment) whether the fact that a co-trustee … Continue reading
The recent High Court decision in Clayton v Clayton has been appealed and cross-appealed. Leave has also been given for certain appeals to be made out of time. The appeal will be heard on 14 July 2014. In the meantime, Mrs Clayton has served a bankruptcy notice on her former husband in respect of costs … Continue reading
Trustees act personally. If a trustee does not limit his or her liability by agreement the trustee has no right to a limitation of liability by virtue of the trustee not being able to benefit from the trust. This position has been confirmed in numerous decisions. The most recent involves one Mr Hunt and the Bank of … Continue reading
Retirement and appointment of trustees is a routine occurance over the life of the trust. On the appointment or retirement the trustee the trust property must be conveyed to the continuing and / or new trustees. However, in a staggeringly high number of instances this need to convey the trust property is overlooked and does … Continue reading
The Matters of Trust report on Rea and Sargison v Russell has been updated to note the liquidators’ succesful appeal. See Rea and Sargison v Russell – trustee liability in the context of voidable transactions.
Although liquidation is generally thought of in the context of companies, it may be possible for a trust to be liquidated. In what appears to be the first proceedings of their kind the Bank of New Zealand (BNZ) has made an application for liquidators to be appointed to two insolvent trusts. As a starting point … Continue reading
Matters of Trust 