Wills & Trusts Law Reports | Autumn 2022 #188William Reid (the deceased) died on 20 March 2018. He left a will dated 20 December 2004 and codicil dated 8 February 2012 (together the will), which appointed the claimants, Nicholas Parsons and Mark Hill (respectively the deceased’s solicitor and land agent), as executors and trustees, and left the residuary estate on discretionary trusts for classes including his children and grandchildren. The defendants, Stephen Reid and Judith Shaw, were the deceased’s children. The deceased also left a letter of wishes which expressed the wish that payments be made to Stephen reflecting various mo...
Wills & Trusts Law Reports | Summer 2022 #187By a trust instrument dated 29 April 1986 (the 1986 deed), Stephenson Clarke Shipping Ltd, a subsidiary of Powell Duffryn plc and member of the Powell Duffryn group of companies (the PD Group), as the named settlor, settled cash and securities on a discretionary trust for the benefit of employees and former employees of the PD Group (the trust). The trust defined the beneficiaries as ‘the employees and their spouses and dependants and the former employees and their spouses from time to time during the trust period [being the period expiring eighty years from the date of the trust] of the...
Wills & Trusts Law Reports | October 2015 # 153MFGUK was part of the MF Global group which carried on business as broker-dealers in financial markets throughout the world. The group’s principal operations in London were carried on by MFGUK. It and other companies in the group entered insolvency proceedings in the United States and England on 31 October 2011. Administrators were appointed under the Investment Bank Special Administration Regulations 2011. MFGUM held funds in two different capacities – money for clients as trustee of the client money trust, and money beneficially on its own account. On their appointment, ...
Giles Richardson looks at the current approach of the English courts to trusts arising in commercial contexts ‘The practical effect of a Re Benjamin order in commercial trust contexts will often be practically to extinguish all claims that tardy beneficiaries have.’ This article considers the High Court decisions in Re MF Global [2013] and Re …
Continue reading "Commercial Trusts: Pragmatism prevails"
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Wills & Trusts Law Reports | January/February 2014 #136
This was an application by the trustees of a trust arrangement forming part of Schemes of Arrangement following the insolvency of English & American Insurance Company Ltd (EAIC). The trustees were unable to make distributions to the vast majority of beneficiaries under the trust owing to the existence of a small subset of beneficiaries who potentially had rights under the fund. Accordingly the trustees made an application under s57 of the Trustee Act 1925 for power to apportion the trust fund or alternatively for power to make interim distributions either under the court’s...
