Mark Pawlowski takes a critical look at the rule in Clayton’s case and asks whether it still has application in the context of a tracing claim A rigid application of Clayton’s case, although providing a rule of convenience, can produce results of a highly arbitrary nature. Where a trustee (or other fiduciary) wrongfully purchases an …
Continue reading "Trustees: Tracing and the rule in Clayton’s case"
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A recent Privy Council case indicates how the court will determine remedies and damages for breach of fiduciary duty. Joseph de Lacey explains ‘The case shows the flexibility of the concept of constructive trusts, and how they can be and are used to protect those to whom fiduciary duties are owed.’ On 27 March 2017 …
Continue reading "Fiduciary Duties: Staying virtuous"
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Wills & Trusts Law Reports | November 2016 #164The parties were siblings who jointly owned 502 items of 17th century Chinese porcelain gifted to them by their father between 1987 and 1993 (the Butler Family Collection (the BFC)).
In 2012 the defendants and their father formed a partnership to own and merchandise another 208 such items (formerly owned by their father).
After their father’s death disagreement arose as to what should become of the BFC. The claimants sought to have it distributed. The defendants wished to keep it in tact and made available for scholarly study and exhibition and to exploit certain items comm...
Roadchef is a straightforward application of Hastings Bass to an EBT, finds Marilyn McKeever ‘This sorry tale is a reminder to the trustees of employee benefit trusts, pension schemes and, indeed, family trusts that they have onerous duties which they must exercise in the interests of their beneficiaries.’ In the case of Roadchef (Employee Benefit …
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Wills & Trusts Law Reports | October 2012 #123Lehman Brothers International (Europe) (LBIE), an English unlimited company, was the principal European trading company in the Lehman Brothers group. LBIE entered administration on 15 September 2008. The administrators made several applications to the court for directions.
The issues on appeal concerned the application of chapter 7 of the Client Assets Sourcebook (CASS 7) issued by the Financial Services Authority (FSA). CASS 7 was intended to transpose the Markets in Financial Instruments Directive 2004/39/EC (MiFID) and its Implementing Directive into English law, under the FSA’...
