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Trustees and undisclosed

Buddle Findlay
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New Zealand
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September 11 2012

The recent High Court decision of Stokes Family Trust v Insight Legal Trustee Co Limited involved the entry into an agreement for the sale and purchase of a property (the SPA) by a Mrs C, one of two trustees of a family trust (the Trust), in her own name

A warning for corporate

Buddle Findlay
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New Zealand
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September 11 2012

In another trust case, the recent Court of Appeal judgment in The Commissioner of Inland Revenue v Newmarket Trustees Limited illustrated the importance for corporate trustees of ensuring their trusts are properly managed, as well as the risks of using a single trustee company as the corporate trustee of multiple trusts

Guarantees: trustees may also be personally liable

Buddle Findlay
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New Zealand
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July 27 2012

While the law limits the personal liability of trustees in many circumstances, it is essential that trustees signing guarantees understand the precise effect of the document and the capacity in which they are signing it

Failure to disclose trust affairs and company interests foils judgment debtors' attempt to avoid bankruptcy

Buddle Findlay
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New Zealand
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June 29 2012

In this case Westpac sought to have joint debtors Thomas and Sheena Fuller adjudicated bankrupt

The bankrupt forgives, but will the official assignee forget?

Buddle Findlay
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New Zealand
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March 30 2012

Official Assignee v Mayers and Ors concerns the common practice of forgiveness of debt owed by a family trust and the consequences of such a gifting programme in the event of the bankruptcy of the lender

Trustee limitation of liability

Buddle Findlay
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Guernsey, New Zealand
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August 30 2011

The Privy Council case of Spread Trustee Company Limited v Hutcheson recently affirmed the decision of the United Kingdom Court of Appeal in Armitage v Nurse 1998 Ch 241 deciding by 3:2 that, in Guernsey, trustees could limit their liability for gross negligence