Duties and liabilities of trustees: Lessons from recent cases – New Square Chambers

Posted July 28th, 2015 in appeals, judgments, news, trusts by sally

‘There have been a number of recent cases which provide useful guidance in considering the scope of trustees’ duties when faced with decisions as to whether or not to sell or retain land, or to incur expenditure on repairs, or to take legal action.’
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New Square Chambers, 26th May 2015

Source: www.newsquarechambers.co.uk

Financial Orders – The Sole Trustee Problem – Tanfield Chambers

Posted July 28th, 2015 in divorce, financial provision, matrimonial home, news, trusts by sally

‘When the court makes or approves a financial order, there is often not enough money in the matrimonial pot to house both parties and any children in owner-occupied accommodation. An outright transfer to one of the parties of what may be the only significant asset may be quite unfair to the other party (as in Clutton v Clutton – [1991] 1 All ER 340 (CA)). An immediate sale of the matrimonial home could be futile, in that both parties may have to move into rented accommodation, with geographical consequences including potential disruption to any children’s education. The parties each, of course need to take tax advice to ensure that liabilities for e.g. CGT (upon transfer / sale) and Inheritance Tax (upon creation of the trust and every ten-year anniversary thereof).’

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Tanfield Chambers, 18th June 2015

Source: www.tanfieldchambers.co.uk

BESTrustees plc v Corbett – WLR Daily

Posted June 9th, 2015 in assignment, debts, law reports, pensions, trusts by tracey

BESTrustees plc v Corbett: [2014] EWHC 3038 (Ch); [2015] WLR (D) 242

‘The trustee or manager of a qualifying occupational pension scheme was entitled to assign a debt arising pursuant to section 75 of the Pensions Act 1995.’

WLR DAily, 16th October 2014

Source: www.iclr.co.uk

Granada Group Ltd v The Law Debenture Pension Trust Corpn plc – WLR Daily

Posted June 3rd, 2015 in company law, interpretation, law reports, pensions, trusts by sally

Granada Group Ltd v The Law Debenture Pension Trust Corpn plc [2015] EWHC 1499 (Ch); [2015] WLR (D) 231

‘Personal rights against a trustee, which were rights that any beneficiary, under any trust, would have to compel the trustee to administer that trust properly, did not fall within the definition of a “non-cash asset” under section 739 of the Companies Act 1985. Section 320(1)(a) of the 1985 Act was not intended by Parliament to apply to the rights or interests of the director himself, whatever they might be, when the non-cash asset was held in trust for him by someone other than the company itself.’

WLR Daily, 22nd May 2015

Source: www.iclr.co.uk

Bogus lawyers jailed after targeting the elderly with asset protection scam – Legal Futures

Posted May 26th, 2015 in elderly, fraud, news, sentencing, trusts by sally

‘Eight people who pretended to be lawyers have been sentenced after scamming elderly people out of more than £500,000 in return for bogus asset protection trusts, with carrying out a reserved legal activity when not authorised one of the charges half of them faced.’

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Legal Futures, 26th May 2015

Source: www.legalfutures.co.uk

JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev – WLR Daily

JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev [2015] EWCA Civ 139; [2015] WLR (D) 94

‘Under the terms of a freezing order the court had jurisdiction to order a member of a class of beneficiaries under a discretionary trust to make disclosure of the details of the trust and the trust assets.’

WLR Daily, 27th February 2015

Source: www.iclr.co.uk

Jimmy Savile and the complex question of victim compensation – The Guardian

‘It is now known that 60 people from Stoke Mandeville hospital were abused by Jimmy Savile. But will they and his other victims receive compensation? And where will the money come from?’

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Daily Telegraph, 26th February 2015

Source: www.telegraph.co.uk

Why must we pay attention to the law of pension trusts? – OUP Blog

Posted January 6th, 2015 in news, pensions, trusts by sally

‘Little has been written on the subject of pension trusts, and the ways in which pension laws and trust laws interact. As academic subjects, many issues such as the purpose of a pension trust, employer duties, and the duties of directors of trustee companies, have long been under-represented. However, pension trust law is a technical area that requires more attention, and is also considered to be an exciting area of law that has been ignored in academia for too long. Author of The Law of Pension Trusts, David Pollard, explains why he decided to fill this gap and what issues he felt needed to be tackled in the law of pension trusts.’

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OUP Blog, 6th January 2015

Source: http://blog.oup.com

Davies v O’Kelly – WLR Daily

Posted December 18th, 2014 in appeals, constructive trusts, law reports, trusts by sally

Davies v O’Kelly [2014] EWCA Civ 1606; [2014] WLR (D) 535

‘In general, equity would not come to the aid of a party who had to rely on his unlawful purpose, but if his right to an equitable interest in property could be identified without the need to rely on his unlawful purpose it might be enforced. In particular, notwithstanding an unlawful purpose between a couple in purchasing property, where the couple later separated it was possible, in the case of a constructive trust just as in the case of a resulting trust, to find, where one of the parties was advancing a claim to his beneficial interest in the relevant property, that he had no need to rely on the unlawful purpose and could therefore advance his claim.’

WLR Daily, 11th December 2014

Source: www.iclr.co.uk

High Court ruling will create new market for pensions debts, says expert – OUT-LAW.com

Posted December 5th, 2014 in debts, insolvency, news, pensions, trusts, winding up by sally

‘A new market for trading the pension debts of insolvent companies will be created as a result of a recent High Court ruling. The ruling will also result in more efficient, earlier winding up of pension schemes when companies go out of business.’

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OUT-LAW.com, 4th December 2014

Source: www.out-law.com

Routier and another v Revenue and Customs Commissioners – WLR Daily

Posted October 31st, 2014 in charities, inheritance tax, Jersey, jurisdiction, law reports, trusts, wills by sally

Routier and another v Revenue and Customs Commissioners [2014] EWHC 3010 (Ch); [2014] WLR (D) 449

‘For a transfer under a will to be exempt from inheritance tax because it was to be “held on trust for charitable purposes” within the meaning of section 23(6) of the Inheritance Tax Act 1984 the relevant trust had to be subject to the jurisdiction of the United Kingdom courts.’

WLR Daily, 18th October 2014

Source: www.iclr.co.uk

Man jailed for swindling brother out of share of £1.5m inheritance – The Guardian

Posted October 27th, 2014 in assets recovery, fraud, news, proceeds of crime, sentencing, trusts, wills by sally

‘A husband who swindled his brother out of a share of a £1.5m inheritance after his parents died has been jailed for four years and four months.’

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The Guardian, 24th October 2014

Source: www.guardian.co.uk

Will it be enough? – Zenith Chambers

Posted October 15th, 2014 in families, intestacy, married persons, news, trusts, wills by sally

‘The 1st October 2014 sees the implementation of long awaited changes to the way in which intestacy and claims for reasonable financial provision are approached. The Inheritance and Trustees’ Powers Act 2014 is the result of a six year Law Commission review of the intestacy rules and claims for reasonable financial provision. The review was prompted by research that suggested 58% of the adult population does not have a will and the intestacy rules did not properly provide for modern relationships.’

Full story (PDF)

Zenith Chambers, 1st October 2014

Source: www.zenithchambers.co.uk

Save the date! – New Square Chambers

Posted October 15th, 2014 in families, intestacy, married persons, news, trusts, wills by sally

‘‘Save the Date!’ The Inheritance and Trustees’ Powers Act 2014 comes into force on 1 October 2014. Alexander Learmonth summarises the important changes being brought in by the new Act.’

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New Square Chambers, October 2014

Source: www.newsquarechambers.co.uk

No loss of confidence – establishing causation in confidential information claims – RPC Privacy Law

‘This case is an interesting example of a claim for breach of confidence (both in contract and in equity) where, although liability was established, only nominal damages (£1) were awarded to the Claimant.’

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RPC Privacy Law, 7th October 2014

Source: www.rpc.co.uk

Intestacy Now: What you need to know about the Inheritance and Trustees’ Powers Act 2014 – Barristers’ Hub

Posted September 30th, 2014 in intestacy, news, trusts by tracey

It doesn’t take a legal qualification to realise that the Administration of Estates Act 1925 was outdated. A statute which starts the list of a widow’s inheritance entitlement with “carriages, horses, stable furniture and effects” is not at home in a world where last year’s iPhone is considered an antique. Fortunately, from 1st October 2014, the somewhat antediluvian “rules of intestacy” are getting a makeover in the form of The Inheritance and Trustees’ Powers Act 2014, which brings the 1925 Act into the 21st century.’

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Barristers Hub, 29th September 2014

Source: www.barristershub.co.uk

A mortgage without a valid mortgage deed – Hardwicke Chambers

Posted September 24th, 2014 in estoppel, litigants in person, mortgages, news, repossession, trusts by sally

‘There have been a number of attempts by those facing repossession and worse at the hands of mortgage lenders to dispute the validity of the claims against them on the basis of a failure to comply with the necessary legal formalities. Mortgage lenders typically send a mortgage offer letter that they invite their borrower to sign. Often the mortgage lender does not formally sign the offer letter. At the time of an advance there is usually a mortgage deed which is often signed by the borrower not the lender.’

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Hardwicke Chambers, 10th September 2014

Source: www.hardwicke.co.uk

Guilty, the man who conned his brother out of £1.5m inheritance – Daily Telegraph

Posted September 10th, 2014 in families, forgery, fraud, insurance, news, probate, trusts by sally

‘Peter Howes forged the signature of his brother and mother, cashed in life insurance policies and siphoned off the proceeds of the sale of the £1m family home.’

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Daily Telegraph, 9th September 2014

Source: www.telegraph.co.uk

Bribes and secret commissions: Cedar in the Supreme Court – New Square Chambers

Posted September 3rd, 2014 in agency, bribery, equity, fiduciary duty, news, trusts by sally

‘What claim does a principal have where an agent or other fiduciary receives a bribe or secret commission in breach of the duty owed to him? Is the principal confined to a personal claim for equitable compensation from the fiduciary or canhe show that the bribe or commission was held on trust for him? After two centuries of debate in and out of the courts, the Supreme Court in FHR European Ventures LLP v Cedar Capital Partners [2014] UKSC 45 determined that the bribe or commission is held on trust such that the principal does enjoy a proprietary claim.’

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New Square Chambers, 14th August 2014

Source: www.newsquarechambers.co.uk

Charity Commission for England and Wales v Framjee and another – WLR Daily

Posted August 22nd, 2014 in charities, Charity Commission, internet, law reports, trusts by tracey

Charity Commission for England and Wales v Framjee and another; [2014] EWHC 2507 (Ch); [2014] WLR (D) 340

‘Where a charitable trust held donations intended for other charities nominated by members of the public, and there was a shortfall between the funds held by the charitable trust and the donations, it was just and appropriate to treat the unpaid charities as participants in a common misfortune brought about by the management of the donation scheme. Those charities should bear that burden equally as to the distribution of the remaining funds.’

WLR Daily, 22nd July 2014

Source: www.iclr.co.uk