Mon04242017

Last updateTue, 24 Feb 2015 5pm

Thomas Klemme and Oliver Auld highlight a clash of trust law concerning trusts over foreign assets, which also has lessons for liquidators

The recent Supreme Court judgment in the case of Akers v Samba Financial Group [2017] (Akers v Samba) has been notable for trust practitioners largely due to the complex conflicts of trust law issues which were raised between the parties. In particular, the judgment provides helpful commentary on the Hague Convention on the Law Applicable to Trusts and on their Recognition (the Trusts Convention) and certain English law principles concerning trusts of foreign assets and transactions over trust property. However, it is perhaps insolvency practitioners who will be most interested in the Supreme Court’s ruling in this case, which confirmed that the power of the English court under s127 of the Insolvency Act 1986 to declare a disposition of property belonging to a company after it has been placed in liquidation to be void did not apply to the sale of property, which was held for the company on trust.

Additional Info

  • Case(s) Referenced:

    Akers & ors v Samba Financial Group [2017] UKSC 6, to be reported in a future edition of WTLR

    Ewing v Orr Ewing [1883] 9 AC 34