The Law Commission has published its second paper in stage one of its project reviewing the law of trusts (the first being last November). The Second Issues Paper examines issues relating to current uses of trusts and some associated problems, including issues relating to relationship property, creditor protection and sham trusts. Submissions close on 31 March 2011.
The Law Commission is taking the review in three stages:
- Stage 1 (currently underway) is examining the Trustee Act 1956, the Perpetuities Act 1964 and trust law generally;
- Stage 2 will consider the Charitable Trusts Act 1957; and
- Stage 3 will consider the trustee companies legislation.