Barclay v Smith [2016] EWHC 210 (Ch)

Wills & Trusts Law Reports | May 2016 #159

The claimants and first defendant were or had been trustees of a trust governed by a deed of trust. The trust assets had been transferred to the original trustees (the first to fourth claimants and the second defendant) upon their original appointment.

Under the deed of trust each trustee was appointed for a fixed five year period, after the expiry of which he was eligible for reappointment. The power of appointing new trustees was vested in the current trustees. However no regard had been paid to the clause in the trust deed requiring reappointment after five years and therefore ...

MF Global UK [2014] EWHC 2222 (Ch)

Wills & Trusts Law Reports | October 2015 # 153

MFGUK 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, ...

Re Dion Investments Pty Ltd [2013] NSWSC 1941

Wills & Trusts Law Reports | October 2014 #143

The Dion Family Trust was set up by deed as a discretionary trust in Papua New Guinea in August 1973 when Papua New Guinea was an external territory of Australia. It contains the following clause:

’15 [all potential beneficiaries] or any of them may at any time with or without the consent of the Trustee by deed revoke all or any of the trusts hereby declared and declare other trusts of the settled property and income derived therefrom in favour of such person or persons the said [potential beneficiaries] or any of them shall in their absolute discretion determine with or wi...

Administration: The Game is up

Dentons | Property Law Journal | April 2014 #320
A recent Court of Appeal ruling has called a stop to company administrations that were tactically timed to fall after rent quarter dates. Bryan Johnston explains ‘It would be hoped that the outcome of Game will lead to co-operation between landlord and insolvency practitioner.’ The Court of Appeal has held that where a leasehold property …

Continue reading "Administration: The Game is up"

This post is only available to members.

Administration: A question of timing

Nabarro LLP | Property Law Journal | April 2012 #288
The recent decision in Luminar has confirmed that where rent is due prior to the date of an administration, it will not be an expense. Mark Reading analyses the court’s findings ‘Administrators will continue to delay putting a company into administration until after a quarter day, where the quarter day is imminent, in order to …

Continue reading "Administration: A question of timing"

This post is only available to members.

D R Sheridan LLP v Higgins & anr [2012] EWHC 547 (Ch)

Wills & Trusts Law Reports | June 2012 #120

C left a will appointing her son and daughter as executors and benefiting her family. Initially, both the son and the daughter instructed a solicitor, D. There was a dispute as to £200,000 which had been transferred out of the estate (although it was not clear when) by the daughter. D suggested that the daughter obtain independent advice, which she did. D was then only instructed by the son. The son brought proceedings for an interim injunction preserving the £200,000, which were compromised but the ultimate issue of ownership not finally resolved. There was a breakdown in relations betw...