Equitable Tracing: Overdrawn accounts and backward tracing

Mark Pawlowski considers the case for accepting backwards tracing as part of English law ‘A debt is an asset in the hands of the creditor and so can provide a basis for tracing in relation to the creditor’s assets.’ In Bishopsgate Investment Management Ltd (in liquidation) v Homan [1994], the Court of Appeal held that …
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Lloyds Trust Company v Fargoso & ors

Wills & Trusts Law Reports | January/February 2017 #166

The representor was the trustee (T) of a Jersey law governed discretionary trust (R) established in 1999 and valued at £402,000. The first respondent was the settlor (S). The class of beneficiaries included S’s wife and three children.

When R was established, S described himself as a civil engineer and informed T that the funds settled were proceeds of engineering consultancy contracts which he had worked on over the last 20 years. He did not disclose that he held public office in Mozambique.

In 2010, T discovered that a company had been convicted in England of paying...

Bribery And Constructive Trusts: Channelling dirty money

Lloyds Trust Co (CI) Ltd v Fragoso [2013] provides clarification for Jersey on how trustees hold assets derived from bribes in a trust. Alexa Saunders gives the lowdown ‘In Fragoso [2013], the Royal Court of Jersey was in a position to make its own decision as to whether to follow Reid [1993] or Sinclair [2011].’ …
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