Court of Protection: SRA regulation allows for immediate approval of trust corporations – Legal Futures

Posted February 13th, 2018 in Court of Protection, news, Solicitors Regulation Authority, trusts by sally

‘Trust corporations wanting to act as property and affairs deputies for incapacitated people must be regulated by the Solicitors Regulation Authority (SRA) to gain immediate approval, the Court of Protection (CoP) has ruled.’

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Legal Futures, 12th February 2018

Source: www.legalfutures.co.uk

A prenup for Harry and Meghan? – Law & Religion UK

Posted November 29th, 2017 in news, prenuptial agreements, royal family, trusts by sally

‘Almost as soon as actress Meghan Markle’s engagement to Prince Harry was announced, The Times published advice from English family lawyers suggesting the couple sign a prenup. ‘It is absolutely vital’, one interviewee said, because ‘there will always be concerns that in case of any future divorce, royal assets could end up being lost’.’

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Law & Religion UK, 29th November 2017

Source: www.lawandreligionuk.com

Divorce and Family Trusts: Three lines of attack and how to shut them down – Family Law

Posted September 26th, 2017 in divorce, news, trusts by sally

‘A spouse looking to make a claim over a family trust has three potential lines of attack. Each one can seriously dent family wealth if there is no planned and detailed defence in place. However, there are a number of practical steps ultra-high net worth (UHNW) individuals and their advisers can take to shut down all three lines of attack – and proactively secure family wealth for future generations.’

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Family Law, 25th September 2017

Source: www.familylaw.co.uk

‘Professional’ trustees likely to receive higher penalties for wrongdoing, says Pensions Regulator – OUT-LAW.com

Posted August 15th, 2017 in enforcement, news, penalties, pensions, trusts by sally

‘Pension scheme trustees that are considered to be ‘professional trustees’ can expect higher penalties for wrongdoing, The Pensions Regulator (TPR) has said.’

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OUT-LAW.com, 14th August 2017

Source: www.out-law.com

High Court rejects claim of solicitors’ negligence involving payments from £230m trust fund – Legal Futures

Posted August 10th, 2017 in law firms, negligence, news, solicitors, trusts by tracey

‘A High Court judge has dismissed a negligence claim against London law firm Farrer & Co in a case involving a client with a $300m (£231m) trust fund.’

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Legal Futures, 10th August 2017

Source: www.legalfutures.co.uk

Binding agreements in TOLATA claims – Family Law Week

‘Alexander Chandler, barrister, 1 King’s Bench Walk, considers the law and practice of agreements to settle TOLATA claims.’

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Family Law Week, 28th July 2017

Source: www.familylawweek.co.uk

Sham Trusts and the Grand National – Family Law Week

Posted June 30th, 2017 in financial provision, news, sham transactions, trusts by tracey

‘Mark Warwick QC of Selborne Chambers explains the hurdles that need to be cleared in order to establish that a trust is a sham in the light of the judgment in ND v SD and Others (2017) EWHC 1507 (Fam).’

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Family Law Week, 28th June 2017

Source: www.familylawweek.co.uk

Finance and Divorce Update, June 2017 – Family Law Week

Posted June 14th, 2017 in divorce, financial provision, news, trusts by tracey

‘Claire Molyneux of Mills & Reeve LLP analyses the news and case law relating to financial remedies and divorce during May 2017.’

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Family Law Week, 9th June 2017

Source: www.familylawweek.co.uk

High Court strikes out negligence claim against private client firm – Legal Futures

Posted May 31st, 2017 in law firms, limitations, negligence, news, striking out, trusts by sally

The High Court has struck out a negligence claim against London private client specialists Harcus Sinclair on the grounds that it was statute-barred.

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Legal Futures, 31st May 2017

Source: www.legalfutures.co.uk

British Airways loses challenge against pensions payments – OUT-LAW.com

Posted May 23rd, 2017 in airlines, news, pensions, trusts by tracey

‘British Airways (BA) has lost a High Court case against a decision by pension scheme trustees to make discretionary payments to thousands of airline workers.’

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OUT-LAW.com, 22nd May 2017

Source: www.out-law.com

Disputed trusteeship: Shergill v Khaira yet again – Law & Religion UK

Posted April 25th, 2017 in news, Sikhism, succession, trusts by sally

‘The Chancery Division has handed down the latest judgment in the long-running saga about the disputed trusteeship of two Sikh gurdwaras in High Wycombe and Birmingham. In Shergill & Ors v Khaira & Ors [2017] EWHC 883 (Ch), HHJ Purle QC, sitting as a Judge of the High Court, found for the claimants.’

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Law & Religion UK, 21st April 2017

Source: www.lawandreligionuk.com

Finance and Divorce Update, December 2016 – Family Law Week

‘Sue Brookes, Senior Associate for Mills & Reeve LLP analyses the news and case law relating to financial remedies and divorce during November 2016.’

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Family Law Week, 3rd December 2016

Source: www.familylawweek.co.uk

Pensions Regulator to get powers to authorise and de-authorise master trusts – Out-Law.com

Posted October 24th, 2016 in news, pensions, trusts by michael

‘The Pensions Regulator is to be given new powers to authorise and de-authorise multi-employer ‘master trust’ pension schemes as part of new legislation published by the UK government.’

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Out-Law.com, 21st October 2016

Source: www.out-law.com

The agreements that weren’t – Nearly Legal

Posted September 6th, 2016 in deposits, landlord & tenant, news, trusts by sally

‘Every now and again there is a reminder of the problems of a contractual tenancy. In this case, the difficulties involved a deposit of £52,000 and a weekly rent of £6,500.’

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Nearly Legal, 5th September 2016

Source: www.nearlylegal.co.uk

Daniel and another v Tee and others – WLR Daily

Posted July 13th, 2016 in breach of trust, compensation, law reports, solicitors, trusts by sally

Daniel and another v Tee and others [2016] EWHC 1538 (Ch)

‘The defendants were professional solicitor trustees of a trust of which the claimants were the beneficiaries. The claimants sought compensation for breach of trust in connection with the investment of the trust funds in the period 2000 to 2002.’

WLR Daily, 1st July 2016

Source: www.iclr.co.uk

Brother and sister in legal battle over interior designer father’s £20m fortune – Daily Telegraph

Posted July 6th, 2016 in families, news, trusts, wills by Mark L

‘The children of a renowned interior designer, who worked on the QE2, Claridge’s and the Savoy Hotel are locked in a £20m court battle over his fortune.’

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Daily Telegraph, 6th July 2016

Source: www.telegraph.co.uk

BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 plc and another – WLR Daily

Posted June 17th, 2016 in banking, contracts, interpretation, law reports, trusts by tracey

BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 plc and another [2016] UKSC 29

‘In March 2009, the financial services regulatory authority conducted a stress test of a banking group against the then applicable benchmark of a ratio of core tier 1 (“CT1”) capital to risk-weighted assets. The test demonstrated a shortage of capital. As a result, the defendants, two wholly-owned subsidiaries of the group, issued contingent convertible securities, described as enhanced capital notes. The notes, which carried a relatively high rate of interest, were not redeemable until specified maturity dates between 2019 and 2032 unless they were converted into shares on the occurrence of a conversion trigger, being any time when the group’s CT1 ratio fell below 5%, or they were redeemed early by the group on the occurrence of a capital disqualification event. Under clause 19 of the notes’ terms and conditions, contained in the trust deed, a capital disqualification event was deemed to have occurred if the notes ceased to be taken into account for the purposes of any stress test applied by the regulatory authority in respect of the group’s “consolidated CT1 ratio”. In 2013 regulatory changes replaced CT1 capital with a more restrictive category, common equity tier 1 (“CET1”) capital. The regulatory authority announced that the notes would now need to have a trigger for conversion higher than 5.125% CET1 in order to count as core capital but, under the terms of the notes, conversion would only be triggered if the group’s CET1 ratio fell to 1%. In December 2014 the regulatory authority carried out a stress test which did not take into account the notes and, as a result, the group announced that a capital disqualification event had occurred and that it was entitled to redeem the notes. The claimant trustee, on behalf of the note holders, sought a declaration that a capital disqualification event had not occurred, contending that the December 2014 stress test was not relevant for the purposes of clause 19 because it had been conducted by reference to a CET1 ratio rather than a consolidated CT1 ratio and that, alternatively, the fact that the notes had not been taken into account in the December 2014 stress test was not enough to trigger a capital disqualification event, rather the notes had to have been disallowed in principle from being taken into account for the purposes of the tier 1 ratio. The judge rejected the trustee’s first argument but accepted the second argument and declared that a capital disqualification event had not occurred. On the defendants’ appeal, the Court of Appeal, in construing the trust deed, took into account statements in the exchange offer memorandum, a letter from the group’s chairman and documents issued by the regulatory authority at and before the time at which the notes had been issued, and it allowed the appeal, holding that a capital disqualification event had occurred and that, therefore, the defendants were entitled to redeem the notes.’

WLR daily, 16th June 2016

Source: www.iclr.co.uk

High Court’s confidentiality comments could have unintended consequences in pension rectification cases – OUT-LAW.com

Posted June 9th, 2016 in confidentiality, news, rectification, trusts by sally

‘Comments by a High Court judge during a recent application for rectification of a pension trust deed could have “unintended consequences” for future applications, an expert has said.’

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OUT-LAW.com, 9th June 2016

Source: www.out-law.com

Finance & Divorce Update, May 2016 – Family Law Week

Posted May 20th, 2016 in costs, divorce, financial provision, news, trusts by tracey

‘Edward Heaton, Principal Associate, and Jane Booth, Associate, both of Mills & Reeve LLP analyse the news and case law relating to financial remedies and divorce during April 2016.’

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Family Law Week, 15th May 2016

Source: www.familylawweek.co.uk

Call to tighten UK’s new property law to crack down on ‘dirty money’ – The Guardian

Posted February 15th, 2016 in corruption, London, money laundering, news, retrospectivity, sale of land, trusts by sally

‘New laws that aim to stop the UK being a magnet for money launderers – by forcing the owners of properties to reveal their identities – should be applied retrospectively, leading anti-corruption organisations whose work has strongly influenced the government are saying.’

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The Guardian, 13th February 2016

Source: www.guardian.co.uk