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Buying the family farm can seem a rite of passage. However, given the value of most farms inter-generational assistance can be required so that this can happen. Commonly, this assistance can take the form of an on-demand loan. While not stated, the practical reality is that if the children stay in Mum and Dad’s favour, no demand … Continue reading
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
Corporate trustees are an increasingly common feature of modern discretionary trusts. As the increasing risks of trustee liability become more apparent, it can only be presumed that the use of corporate trustees will continue to increase. However, corporate trustees are not an absolute panacea and it is important to appreciate that the structure of any … 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
Corporate trustees are a common feature of modern trusts. Professionals increasingly act through corporate trustees to address concerns over liability. While some concern has been raised about the wisdom of utlising uncapitalised corporate trustees – the practice is widely acknowledged and accepted. Where views diverge is on when or whether corporate trustees should accept multiple appointments. Unless … 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
When vendor and purchaser are associated companies the amount of secondhand goods credit that can be claimed is limited to the lesser of the: GST included in the original cost of the goods to the supplier [GST] tax fraction of the purchase price, and tax fraction of the open market value of the supply. The tests of … Continue reading
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
There was a little story in the Herald today. Well a little story, but some interesting numbers. The story was about former National Bank personal manager Mr Cooper who admitted 41 criminal offences that related to the theft of nearly $1milllion (a reasonably big number) and some related money laundering. The theft happened over a period … Continue reading
Matters of Trust 