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The liquidation of Cryptopia Limited, which rana cryptocurrency exchange, is complex and involves “… complex arrangements regarding around 370 functioning cryptocurrencies owned by some 960,000 holders of accounts with positive balances in around 180 countries.” Cryptocurrency is property that can be held by a trust. See Can’t see it, cant’s touch it, can’t explain it. … Continue reading
Wallace v Wallace relates to a decision of the trustees of the Ione Wallace Trust (the Trust) to bring forward the Trust’s vesting date. As set out at [4]: “The trustees wish to bring forward the vesting date and distribute the funds they currently hold to the six final beneficiaries named in the Trust. One … Continue reading
The Trusts Act 2019 introduced a presumption that trustees will provide basic trust information to every beneficiary and will provide further information on request. Before doing so, trustees must consider the factors set out in section 53 of the Trusts Act. Importantly, there is a procedure in section 54 of the Trusts Act where no … Continue reading
Kain v Public Trust relates to an application for disclosure of a deed that brought forward the distribution date of the Te Mata Property Trust (the Trust). This deed distributed the entirety of the Trust’s assets and had the effect of terminating certain beneficial interests. The background of the matter is set out in [4] … Continue reading
It is not uncommon for will-makers to specify the age at which beneficiaries are to benefit. The question is, if the beneficiaries have capacity, must they wait? Telford v Telford answers this question by reference to the rule in Saunders v Vautier, and more latterly section 121 of the Trusts Act 2019. By way of … Continue reading
As noted in Re Estate of Glue section 136 of the Trusts Act 2019 provides a “broader, more flexible” determination of ‘reasonable measures’, compared to what has been described as the repealed Trustee Act’s “long and impenetrable provision.” This has been achieved by codifying a common law jurisdiction that gives the Court broad powers to … Continue reading
If the terms of a charitable trust whose purposes have become frustrated contain a power of variation the trustees are confronted with whether to vary pursuant to the terms or to seek approval for a scheme under Part 3 of the Charitable Trusts Act 1957. In Re Trevor Wilson Trustee Limited [2022] NZHC 2118 Dunningham … Continue reading
Probating a will is generally accepted as an essential step to allow executors to administer an estate. However, where there are challenges or other complications, it is important to appreciate that there may be steps that can be taken without probate. As executors derive title from the will, rather than probate (which merely proves the … Continue reading
Nadan v Sharma relates to an application for the removal of trustees and the appointment of an independent corporate trustee in circumstances where the trustees’ marriage has ended and the trustees are deadlocked. Of note is that prior to the application for removal was made following two arbitral awards in respect of the jointly settled … Continue reading
Re Darlow (in the Estate of Janette Diana Moleta) relates to an originating application for directions pursuant to s 133 of the Trusts Act 2019. The applicant Mr Darlow is the executor of the estate of Janette Moleta (the Estate). He seeks a direction that “… following the conclusion of an appropriate advertising campaign, he … Continue reading
Matters of Trust 