The applicants, three trustees of the F Trust and the A Settlement (the trusts), applied, pursuant to s47A of the Trustee Act 1975 and/or the inherent jurisdiction of the Court, to set aside deeds of appointment and retirement of trustees executed in 2005 and 2008, respectively, to the extent that they appointed the first defendant as a trustee.
The F Trust and the A Settlement were established in Bermuda with the same corporate trustee in 1958 and 1968 respectively. Individual trustees were subsequently appointed. The first defendant, a British resident, was app...
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 ...
Two settlements known as the Manny and Brigitta Davidson settlements were established by Manny and Brigitta Davidson in 1967 upon broad discretionary trusts, with UK resident trustees. Manny and Brigitta had two children, Maxine and Gerald, born in 1958 and 1961 respectively. The settlements were in identical terms. There was an 80 year perpetuity period, and the appointed day was defined as three days before its expire. The specified class of discretionary beneficiaries included the settlors’ children and remoter issue, their spouses and other family members. Their combined value ...
This judgment was supplemental to an earlier judgment of Charles J in this case delivered last year ([2015] EWCOP 87). PJV suffered significant cognitive and behaviour problems as a result of non-accidental head injuries he experienced as a baby. His mother made a claim under the Criminal Injuries Compensation Scheme (CICS) for an award in respect of this injury. PJV lacked capacity under the Mental Capacity Act 2005 to litigation or to accept an award from the Criminal Injuries Compensation Authority (CICA). It was determined that the award would be held for PJV on trust as a c...
Continue reading "Trusts: Breaking the blank"
Thomas Edward Weetman (the deceased) died on 3 November 2008. His last will was executed on 19 September 2008 (the will). The principal assets in his estate (the estate) were shares in his company Weetman (Haulage & Storage) Ltd (the company) which he had successfully built up during his lifetime, and shares in a property known as Pasturefields Enterprise Park (the property) which the deceased owned but which was occupied, in whole or in part, by the company. The estate was of considerable value but illiquid. The will provided that fifty percent of the deceased’s shares in the ...
This case concerned whether a Florida attorney who had not obtained a grant in the UK had capacity to receive the proceeds of certain life insurance policies. The proceeds of two life assurance policies were held in trusts established by Mr Pinder and his then wife (Mr Pinder’s trust and Mrs Pinder’s trust respectively). Both trusters are now deceased and the sums assured under the policies became payable on the second death on 17 November 2010. On Mr Pinder’s death he was the sole remaining trustee of his trust and on his death the trust became a lapsed trust. On 2 March 2011 letters of...
Mrs Green ran a business known as Flagstaff Holidays (the business) which let five units of self-contained holiday accommodation in a property known as Flagstaff House, Burnham Overy Staithe, King’s Lynn, Norfolk (the property). Mrs Green had bought the property for £900,000 in 2003. Between 2009-2012, the property was let for a total of around 650 to 750 nights a year. At all relevant times, Mrs Green lived in Woodbridge, Suffolk. On 2 February 2010, the property was valued by a firm of estate agents at £1.9m on a vacant possession basis.
On 5 April 2010, Mrs Green settled ...
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, ...
Continue reading "Trusts: Sub-trusts and formality"