Court of Appeal
“If a company, in breach of its promise to a payer to keep money in a separate client account to be held on trust, paid it into a deficit current account to be used to settle the company’s debts, the payer could not trace the money paid into the current account since he acquired no proprietary right to trace the money in question which had disappeared before forming trust fund in the client account. ”
The Times, 14th January 2009
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