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Boy meets girl. Boy marries girl. Boy bankrupts girl after she fails to pay $12,263.50 of court costs. Girl’s appointment as trustee and appointor of two family trusts is terminated by her bankruptcy. Aint love grand? Anne (the girl in this narrative) remains a beneficiary of the trust that owns the family home where she … Continue reading
Trusts are settled for many reasons. While there is no one primary reason for settling a trust, creditor protection is perhaps the most commonly cited reason; perhaps because the settlor is carrying on a risky venture; perhaps because the settlor wishes to ward off the nebulous risks beneficiaries may incur. Which is all fine. But … Continue reading
It is commonly believed that professional or independent trustees operate in a different capacity than trustees who can benefit from the trust; and that liability, if it arises, should only be borne by trustees who can benefit from the trust (see Rubber stamp alert). This is not the case. A professional trustee was recently bankrupted … Continue reading
When Alexander Pope wrote “To err is human; to forgive, divine” it is doubtful that his mind was turned to matters equitable. However, the expression is an apt description of the recent decision in Official Assignee v Mayers. This case considers whether the Official Assignee can recover gifts made by way of forgiveness of debt prior to … Continue reading
Matters of Trust 