Analysis
The claimant was the sole trustee of a unit trust. The trust had been terminated in 1988 and the assets released and distributed to approximately 100 unit trust holders with a final distribution having been made on the footing that four particular investments were unrealisable. Since then, sums had been received from those four investments, some of which had been distributed to unit holders and some of which (the residual amount) was payable to 71 unit holders (the residual holders) who despite significant efforts, including multiple letters (and telephone call were a telephone number was known), had not been located. The claimant, believing that it was impossible to locate the residual holders and that it would be unable to pay the residual amount to anyone who will be able to give good discharge, sought authority or a direction to pay the residual amount into court pursuant to s62 of the Trustee Act 1961.
Held
Granting the order sought, that in the particular circumstances of the case, a payment into court was justified. Reasonable steps had been taken to locate the residual holders but to no avail. The residual holders could not be found. The claimant could not obtain a valid receipt and discharge. None of the other possible ways of proceeding were appropriate and there was nothing else which suggested that a payment in should not be made.
JUDGMENT HIS HONOUR THE DEEMSTER DOYLE: Introduction [1] In this case a trustee has trust moneys within its control and wishes to distribute such moneys but the remaining beneficiaries cannot be found. In such circumstances I have concluded that the trustee should be permitted to pay the trust moneys into court. In such way the …Continue reading "Re Barclays Private Bank & Trust CHP 2014/56"