Wills & Trusts Law Reports | Spring 2022 #186New Quadrant Trust Corporation Ltd (the trustee), a professional trustee corporation and trustee of a discretionary trust (the trust), decided to sell the trust’s shares in a company known as Lifetime Home Securities Ltd (LHS), such shares representing approximately 25% of the value within the trust. LHS had traded in home equity release arrangements but was then non-trading, with around 13 properties remaining on its portfolio and a remaining director who was 92 years old. The trustee considered that a sale of the shares was more tax efficient, would diversify the trust’s portfolio and ...
Sukhninder Panesar explains the importance of the court’s recent decision in Cotton v Cardigan [2014] to trustees’ powers ‘From a practical point of view, the decision reaffirms the need for trustees and their legal advisers to make sure that they have prepared and presented such applications with detailed evidential matters.’ The much publicised sale of …
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