O’Keefe v Caner [2017] EWHC 1105 (Ch)

Wills & Trusts Law Reports | Summer 2017 #168

This was a trial of the preliminary issue of whether claims made by the joint liquidators of two Jersey-incorporated companies against the respondents were time-barred as a matter of Jersey law.

In the proceedings, the applicants claimed that between 10 April 2007 and 10 June 2008 payments were made of €16m and €18m from ‘Level One’ and ‘Special Opportunity’ respectively, to or for the benefit of the first respondent or companies owned beneficially by him. Those payments were claimed not to have been made in good faith for a legitimate commercial purpose of...

Brudenell-Bruce v Moore & ors [2014] EWHC 3679 (Ch)

Wills & Trusts Law Reports | April 2015 #148

The claimant, Mr Brudenell-Bruce Earl of Cardigan brought a claim for breach of trust against two trustees of the Savernake Estate Trust (Mr Moore and Mr Cotton) of which he is a beneficiary. He also challenged the trustees’ remuneration and sought their removal as trustees.

The estate consists of numerous properties including a mansion, Tottenham House with an adjacent stable block. The estate is held on trust for sale and within a partnership with 49% of the partnership belonging to Lord Cardigan absolutely and 51% held by the trustees of the Children’s Trust, the be...

Libertarian Investments Ltd v Hall FACV Nos 14 & 16 of 2012

Wills & Trusts Law Reports | March 2015 #147

W and the defendant embarked on a project with the aim of acquiring a substantial interest in an English company, TSE, which started with the acquisition of 125,000 TSE shares in 2002 (the first tranche). In 2003 they attempted to make additional acquisitions of TSE shares, such attempts involving three of W’s companies, including the plaintiff. The overall scheme was that funds would be provided by one company, Assanzon, for the acquisition of shares for another company, Momentum, which were held for its beneficial owners which were principally the plaintiff company, Libertarian. The fu...

Fiduciary Duties: Rigour at all times

Pennyfeathers underscores the stringency of directors’ duties and indicates when the court will lift the corporate veil to provide a remedy for breach. Nicholas Broomfield explains ‘Lord Sumption had affirmed a limited power of the court to pierce the corporate veil in circumstances where a party was abusing corporate personality to evade their obligations.’ The …
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Santander UK PLC v RA Legal Soliciors [2013] EWHC 1380 (QB)

Wills & Trusts Law Reports | April 2014 #138

Abbey National Building Society (now Santander UK PLC) (A) agreed to lend £150,000 to an individual (V) for the purpose of purchasing a property subject to taking a first legal charge. RA Legal Solicitors (R) conducted the conveyancing, acting for both V and A. The vendor’s solicitors (S) were a real firm but acted dishonestly falsely representing that they acted for the vendor. On 17 July 2009 A transferred £150,000 (plus fees) to RA’s bank account. S notified an account to which the completion monies should be sent and on 28 July 2009 S purported to exchange and complete an...

Spread Trustee Company Ltd v Hutcheson & ors [2011] UKPC 13

Wills & Trusts Law Reports | March 2012 #117

Privy Council (Lady Hale, Lord Mance, Lord Kerr, Lord Clarke and Sir Robin Auld)

The respondents made claims for breach of trust against the appellant in respect of breaches that occurred in Guernsey at a time when Guernsey customary law governed the duties of Guernsey trustees and also after the introduction of the Trusts (Guernsey) Law 1989 (the 1989 Law), but before that law was amended by the Trusts (Amendment) (Guernsey) Law 1990 (the 1990 Law). The trust instrument included an exoneration clause in respect of negligence by the trustee and ...

Contract: Deeds that go undelivered

A recent decision has clarified the law relating to the execution of deeds and highlighted some pitfalls that the parties to settlement agreements need to be mindful of, as Richard Bartle and Keith Shaw find out ‘Most practitioners are well aware of the difficulty of proving that ‘unconscionable’ behaviour actually has occurred, although that doesn’t …
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Fiduciary Duties: The art of misdirection

Rachel Mainwaring-Taylor finds Aerostar a timely reminder of how directors must be aware of their duties when dealing with multiple companies ‘From a commercial point of view, that there is nothing preventing an individual from holding the office of director in more than one company. In such circumstances they will be obliged to act in …
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