Mark Pawlowski considers the case for accepting backwards tracing as part of English law ‘A debt is an asset in the hands of the creditor and so can provide a basis for tracing in relation to the creditor’s assets.’ In Bishopsgate Investment Management Ltd (in liquidation) v Homan [1994], the Court of Appeal held that …
Continue reading "Equitable Tracing: Overdrawn accounts and backward tracing"
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Wills & Trusts Law Reports | March 2017 #167The plaintiffs were the former trustees of the Tchenguiz Discretionary Trust (the ‘trust’), which had been established in Jersey by Declaration of Trust dated 26 March 2007 for the benefit of a class of beneficiaries comprising Robert Tchenguiz and his children a remoter issue. The Trust was funded initially by an appointment from the Tchenguiz Family Trust which had previously been established in the British Virgin Islands. Subsequently, the trustee of this trust entered into a loan agreement for borrowing of monies from Kaupthing Bank (the ‘bank’) and then made an appointment of assets...
Laurie Heller provides a reminder of the equitable doctrine and its application in practice ‘Subrogation is a remedy to which the claimant establishes his entitlement, and which is in appropriate form in the circumstances of the claim.’The doctrine of subrogation, so useful in its application, appears in a variety of contexts where it answers the …
Continue reading "Subrogation: A patchwork quilt"
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