Barny Croft and Louise Corfield consider Pegler v McDonald, the case that has something for everyone The court deemed that its findings added up to a ‘comprehensive disqualification for [the defendant’s] being concerned in the fiduciary administration of assets for the benefit of other people’. If you have not read the case of Pegler v …
Continue reading "Will disputes: The recalcitrant executor"
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John Brennan discusses the implications of the fiduciary conflict rule on trustees The existence of friction or hostility between the trustees is not always sufficient to justify the removal of a trustee but is often relevant, especially if it arises from the way in which the trust has been administered. In Manton v Manton [2021], …
Continue reading "Trustees: When to remove"
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Wills & Trusts Law Reports | Autumn 2020 #180H and C were two directors and trustees of a charitable company limited by guarantee. They, together with L, were the members of the company. In July 2015 H and C agreed that, subject to the approval of the Charity Commission or the court, C would resign as a director and member of the company and the company would make a grant of $360m to a charity founded by C.
Companies Act 2006, s217 provides that:
‘A company may not make a payment for loss of office to a director of the company unless the payment has been approved by a resolution of the members of ...
Wills & Trusts Law Reports | Summer 2020 #179The claimant raised money from private investors for the purpose of making loans to small and medium enterprises. The money was raised by issuing ‘mini-bonds’ for periods of up to five years, at varying rates of interest. Over a period of around two years, £237m was raised from more than 11,500 investors. Security for the bonds was provided by the claimant executing a debenture in favour of the defendant, as a ‘security trustee’. By December 2018, when the FCA issued a first supervisory notice on the claimant on the basis that its promotional material was ‘misleading, unfair and unclear’...
Wills & Trusts Law Reports | Autumn 2019 #176The corporate trustees of a Bermuda discretionary trust made proposals to the beneficiaries to restructure the trust administration. Some beneficiaries objected to the proposals and requested that particular directors of the trustee companies, being closely allied with other beneficiaries, resign. Other beneficiaries broadly supported the proposals, and said the Court could not order such resignations. The trustees sought directions from the Court, including a direction as to whether they should remain as trustees, and certain directors offered to retire if the Court signified that they ...
Wills & Trusts Law Reports | Summer 2019 #175The claimants had applied to remove the 1st to 5th defendants as trustees, and the 6th defendant as protector, of a settlement which owned shares in the family company, and for a relief as to the disputed issue of preference shares in the company. The preference shares question was settled during the trial of a preliminary issue, on terms that the claimants’ costs were paid. The trustees and protector all resigned before trial of the removal application. The claimants applied for their costs on the basis that they had achieved the result they sought. The 1st to 4th defendants contended t...
