Continue reading "Trustees’ powers: Beyond the deed"
South Downs Trustees Ltd v GH [2018] WTLR 673
Wills & Trusts Law Reports | Summer 2018 #172The claimant was the trustee of an employment benefit trust (the EBT). The trustee had an interest in a company that owned and controlled a business (the utility). The beneficiaries of the EBT were the former and current employees of the utility and other group companies and their dependants. The trustee entered into a sale and purchase agreement for the sale of the EBT’s interest in the company, conditional upon certain relief from the court. Following the sale, there would be a distribution of the trust property amongst various beneficiaries.
Held
The fol...
Trustees’ Powers: Expanding the scope
Continue reading "Trustees’ Powers: Expanding the scope"
Re The Portman Estate [2015] EWHC 536 (Ch)
Wills & Trusts Law Reports | June 2015 #150This claim comprised various applications relating to the trusts of the Portman Estate, which own significant real property in London and elsewhere. There are several separate settlements, whose property is held in various funds. The claim was brought by the trustees, without naming any defendants. However, two key beneficiaries consented to the proposed application in writing.
The trustees sought orders under s57 Trustee Act 1925 conferring various powers on the trustees of various different trusts of the estate. None of the powers sought affected the beneficial interest...
Commercial Trusts: Pragmatism prevails
Continue reading "Commercial Trusts: Pragmatism prevails"
Re English & American Insurance Co Ltd; Re the Trustee Act 1925 HC13C02801
Wills & Trusts Law Reports | January/February 2014 #136This was an application by the trustees of a trust arrangement forming part of Schemes of Arrangement following the insolvency of English & American Insurance Company Ltd (EAIC). The trustees were unable to make distributions to the vast majority of beneficiaries under the trust owing to the existence of a small subset of beneficiaries who potentially had rights under the fund. Accordingly the trustees made an application under s57 of the Trustee Act 1925 for power to apportion the trust fund or alternatively for power to make interim distributions either under the court’s...
Section 57 Trustee Act 1925: The extent of expediency
Continue reading "Section 57 Trustee Act 1925: The extent of expediency"
Trusts: Section 57 clarified
Continue reading "Trusts: Section 57 clarified"