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This appeal to the Supreme Court addresses what rights or powers s in a family trust can properly be treated as “property” rights or interests falling within the ambit of the Property (Relationships) Act 1976 (the PRA). For the background see Weakly Fiduciary. The appeal was denied, the reasons for which are summarised at [125] … Continue reading
Sherwin v JKA Holdings Limited & Ors relates to the Douglas Hilton Family Trust (the Trust), which was settled in 1985 by Dr Douglas Sherwin’s mother on terms that infer that Dr Sherwin, who was the source of the trust’s economic wealth, was the true settlor. This is addressed by Becroft J at [15] as … Continue reading
Re Borthwick relates to an application by trustees to enter into a settlement agreement and to make the necessary variations of trust to effect the agreement. The background of the matter features a trust restructure that was challenged by a disaffected beneficiary. The application before the court calls upon the court’s supervisory capacity pursuant to section 124 … Continue reading
Dewart v Lal relates to an application for summary judgment to set aside a trustee resolution removing and appointing trustees of the Sanatan Dharam Trust (the Trust), a registered charity. The decision is fact specific, but nevertheless provides excellent guidance regarding the interpretation of powers of appointment and removal. When interpreting a trust deed, as … Continue reading
Trusts are regularly wound up. However, in the absence of formal guidelines, the steps required are not always clear. Vicki Ammundsen is presenting a webinar on winding up trusts that will highlight matters to take into consideration to ensure that the trustees adopt a suitable decision making process, that any risks to trustees are identified … Continue reading
Is a beneficiary more entitled to trust information pursuant to an application for discovery, rather than pursuant to a an application for disclosure? As a basic principle, courts do not permit discovery as a “fishing expedition.” However, as noted in Gavin v Powell at [41] “… the trustees’ obligations as to disclosure and a beneficiary’s right … Continue reading
The case of The Church of Jesus Christ of the Latter-Day Saints Trust Board v CIR considers whether donations made in connection with a missionary application are charitable gifts for the purposes of s LD1 of the Income Tax Act 2007. The crux of the matter for consideration is whether gifts made by church members … Continue reading
Trustees fall out, sometimes to the point where a working relationship is no longer possible. Applications to remove trustees are becoming an increasingly common occurrence. So, should trustees fight attempts to remove them? When is it appropriate to do so, and when not? And what are the potential consequences of misjudged opposition? The recent decision … Continue reading
Clement v Lucas concerns a family farming enterprise and illustrates the difficulties when beneficiaries cannot agree on how to give effect to the protections parents have put in place for the benefit of the beneficiaries. The contest at the heart of the matter was whether the trustees should distribute the trust assets equally between the … Continue reading
Para 438 in the decision of MezhProm Bank v Pugachev refers to a phenomenon in patent law known as the Angora cat problem first identified by Professor Franzosi, an eminent academic expert in the field: “Professor Mario Franzosi likens a patentee to an Angora cat. When validity is challenged, the patentee says his patent is … Continue reading
Matters of Trust 