This case concerned whether a Florida attorney who had not obtained a grant in the UK had capacity to receive the proceeds of certain life insurance policies. The proceeds of two life assurance policies were held in trusts established by Mr Pinder and his then wife (Mr Pinder’s trust and Mrs Pinder’s trust respectively). Both trusters are now deceased and the sums assured under the policies became payable on the second death on 17 November 2010. On Mr Pinder’s death he was the sole remaining trustee of his trust and on his death the trust became a lapsed trust. On 2 March 2011 letters of...
Mrs Green ran a business known as Flagstaff Holidays (the business) which let five units of self-contained holiday accommodation in a property known as Flagstaff House, Burnham Overy Staithe, King’s Lynn, Norfolk (the property). Mrs Green had bought the property for £900,000 in 2003. Between 2009-2012, the property was let for a total of around 650 to 750 nights a year. At all relevant times, Mrs Green lived in Woodbridge, Suffolk. On 2 February 2010, the property was valued by a firm of estate agents at £1.9m on a vacant possession basis.
On 5 April 2010, Mrs Green settled ...
MFGUK was part of the MF Global group which carried on business as broker-dealers in financial markets throughout the world. The group’s principal operations in London were carried on by MFGUK. It and other companies in the group entered insolvency proceedings in the United States and England on 31 October 2011. Administrators were appointed under the Investment Bank Special Administration Regulations 2011. MFGUM held funds in two different capacities – money for clients as trustee of the client money trust, and money beneficially on its own account. On their appointment, ...
Continue reading "Trusts: Sub-trusts and formality"
Continue reading "Trusts: Following in the footsteps of Schmidt"
In the early 1990s, Mr Pugachev founded the JSC Mezhdunarodniy Promyshlenniy Bank (the bank) in Russia. It became one of Russia’s largest privately owned commercial banking groups. On 4 October 2010, the Russian Central Bank revoked its banking licence and appointed a ‘temporary administration’ and on 30 November 2010 it was declared insolvent by the Russian court and placed into temporary administration. The state corporation ‘Deposit Insurance Agency’ (the DIA) was appointed as liquidator. Mr Pugachev left Russia for London in 2011. The Russian liquidation of the bank was recognised by...
Continue reading "Trusts: Available assets"
The application concerned a trust, (the Children’s Trust) which, along with another trust (Trust 3), were discretionary trusts settled by the settlor for the benefit of his widow (R1), their children and their future issue. Trust 3 operated principally for the benefit of R1 and the Children’s Trust principally for the benefit of the children. The Children’s Trust had two protectors, P1, the settlor’s sister, and P2, the settlor’s business associate. The application was made by the trustees of the Children’s Trust (A1, A2 and A3 (the trustees)) to bless...
This decision concerned the construction of a trust deed dated 28 November 1944 (the deed) made between Eric Max Warburg on behalf of the Warburg family, Viscount Lee of Fareham on behalf of the Warburg Society, and the University of London (UOL). There arose questions about the scope of the deed, the ownership of property, the status of funding and the propriety of the administration by UOL under the deed. UOL brought a construction summons to determine these questions at the behest of HM Attorney General (the second defendant). The first defendant was Professor John Prag, of the Univer...
The claimants were trustees of a 1983 children’s trust, and a trust called the Lower Green Farm trust. The 1983 trust had been created by Anthony Samuel Edgar (the testator) in March 1983 for the benefit of his four children. The fund was divided in four equal shares, and each to be held for each child contingently upon attaining 25. The share was to be retained by the trustees on life interest trusts to pay the income to the child for life with a power to advance the capital of that share to him/her.
The Lower Green Farm trust had been made in the testator’s will of ...