Continue reading "Bankruptcy: Out of bounds"
Continue reading "Bankruptcy: A rare exception"
The testatrix (T), whose husband predeceased her, was survived by her four children, B1, B2, B3 and B4. T had appointed B3 and the partners of a solicitor firm as the executors of her will. She left the residue of her estate on trust to be divided into four equal shares: one for the benefit of each of B1, B2 and B3, and the fourth upon discretionary trusts, which included a wide power of appointment, for the benefit of B4 and his children and remoter issue. At the time of the hearing, B4 had three adult children and one minor grandchild. T died in 2010 and probate of her will was granted...
The respondents (Rs) are a married couple but at all times after 2001 were estranged and living apart. The wife (R2) purchased a property (the property) in 2003 using monies from another property owned by her and the remainder by interest-only mortgage. The title to the property was in R2’s sole name and she moved in with her children. The husband (R1) never lived in the property.
Shortly after purchase, Rs signed a declaration of trust declaring inter alia that R2 held the property on trust for herself and R1 in equal shares, that she would register R1’s interest and ...