Recent case law has confirmed that Quistclose trusts do not override commercial practice. Professor Sukhninder Panesar explains The mere fact that the monies were advanced for a specific purpose was not in itself sufficient for the finding of a Quistclose trust; there had to be more in the sense that the monies were only to …
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Daniel Scott analyses a civil fraud case that may serve as a precursor for similar cases in the private client sphere on the misappropriation of cryptocurrencies The concession made in this case is to favour the trust analysis such that it is now relatively uncontroversial to view cryptocurrencies as property capable of being held on …
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Wills & Trusts Law Reports | Spring 2022 #186The parties entered into contracts whereby they exchanged specified quantities of cryptocurrencies, namely Tezos and Bitcoin, on terms of reciprocal restoration of the same amounts of each currency upon or after an agreed period of two years. The claimant applied to continue a worldwide freezing order and proprietary injunction. The defendant applied to strike out/enter summary judgment on the proprietary claims.
Held – applications granted in part
- 1) Principles:
- a) Fungible and non-identifiable digital assets constitute property ...
Wills & Trusts Law Reports | Summer 2019 #175The claimant held accounts in Nigeria with IMB International Bank, whose rights and obligations had been inherited by the defendant through a series of mergers. IMB itself held ‘correspondent’ accounts with a London bank. The claimant often received funds to an Isle of Man nominee which held a bank account in London.
In a series of 10 transfers between 2000 and 2002, the claimant’s nominee gave instructions to its bank to transfer sums to one of IMB’s accounts variously identifying the ‘beneficiary’ as IMB but in eight cases ‘for further credit to’ the claimant. Sums totalling $3,...
Wills & Trusts Law Reports | January/February 2016 #156The case concerned a property investment scheme relating to land at and around an airport known as Fairoaks (the Fairoaks scheme). The Fairoaks scheme was the last in a substantial series of schemes (the Albemarle schemes) which, prior to the Fairoaks scheme, were unregulated collective investment schemes promoted by Egan Lawson (later ECS after its takeover by Erinaceous Group PLC (Erinaceous)) involving investment through a single purpose vehicle (SPV). The underlying subject matter of each scheme consisted of either commercial or development property or a mixture of both. The schemes ...
Laura John sets out the lessons to be learned from Challinor v Bellis on handling the client account ‘An escrow arrangement is dependant on an enforceable contract or undertaking not to treat the funds transferred by X as the property of Y unless and until the escrow event or condition is satisfied.’This article considers the …
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Jehan-Philippe Wood analyses Bieber v Teathers, which sheds new light on how a Quistclose trust is defined in the context of partnerships It is one thing to accept that a trust can exist alongside a contractual arrangement. It is quite another to try to reconcile competing arrangements. A Quistclose trust (the name derives from Barclays …
Continue reading "Quistclose Trusts: Beware of importing principles of equity into commercial law"
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