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The Court of Appeal has overturned the High Court decision of Commissioner of Inland Revenue v Newmarket Trustees Limited. Ed note: Newmarket Trustees Limited was placed into liquidation on 12 October 2012. Newmarket Trustees is a corporate trustee that acts for a number of trusts. Newmarket Trustees is insolvent due to unmet tax liabilities in … Continue reading
It is common practice for professional trustees to act as the director of a trustee company rather than personally. The use of a corporate trustee can limit the liability that the professional adviser might otherwise incurred had the adviser acted personally (see McNulty v McNulty where the beneficiaries claim against the director of a corporate trustee was … Continue reading
The New Zealand Institute of Chartered Accountants (NZICA) is warning professionals that the Inland Revenue Department (IRD) is actively pursuing trustees personally for tax debts owed by a trust, including those trustees with no personal connection or interest in the income or assets of the trust. NZICA says it is aware of a number of … Continue reading
Matters of Trust 