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Re Candida Trust provides practical guidance as to the scope of section 125 of the Trusts Act 2019 and the use of the High Court’s inherent jurisdiction to permit trustees to sign a new restated trust deed that incorporates varied terms. Background facts Waiver pursuant to section 125 of the Trusts Act As set out … Continue reading
Re Estate of Witchall relates to four blocks of land held by a company removed from the Register of Companies pursuant to the Companies Act 1955. As noted at [3] to [5]: The company in question could not be reinstated to the Register of Companies as there the Companies Act 1993 does not provide for … Continue reading
Cain v Martin relates to wide ranging proceedings regarding the proper administration of the Tolemac Trust following several years of disharmony following the settlor’s death. The most recent proceedings relate to the removal of one of the two trustees due to concerns regarding proper disclosure regarding trust assets and an unauthorised distribution to a trustee … Continue reading
Inland revenue has released a Special Report regarding the increased tax rate. The report outlines the new rules for trusts including: References:
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill has had its third reading and now awaits assent. One aspect of the increased trustee tax rate will be the application to testamentary trusts that cannot be fully distributed in the permitted time-frame. While many estates are administered efficiently and without tax implications. … Continue reading
The background facts of NZ Trust Corporation Ltd v Bonnard Lawson Geneve SA & Ors are set out by Associate Judge Gardiner at [1] to [4] as follows: The issues for the Court to determined can be summarised as whether: The following time-line sets out key events that have lead to the proceedings before the … Continue reading
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill (the Bill) has been amended by the inclusion of: As noted in the commentary to the Bill: References:
In New Zealand Beddoe applications are governed in the first instance by the High Court Rules, which do not extend to prospective costs orders by beneficiaries. Representation of VG Trustee Limited re the B Trust (Re the B Trust) considers whether beneficiaries should have their costs met on account of a successful Beddoe application brought … 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
In Jongeneel v Schaake Powell J traverses the parameters of deadlock that would support the Court exercising powers to remove existing trustees and appoint a replacement trustee pursuant to sections 112 and 114 of the Trusts Act 2019, By way of background Ms Jongeneel and Mr Schaake settled the J A G and A J … Continue reading
Matters of Trust 