Fixed trust meaning

Somoye (on his own behalf and as administrator of the estate of Oluyinka O Somoye) v North West Anglia NHS Foundation Trust [2023] EWHC 191 (KB) What are the practical implications of this case? This judgment distils the key considerations guiding the court’s discretion when asked to allow a defendant to retract a pre-action admission of liability. It sets out the matters the court will weigh, offering a structured reminder of how such applications are approached in practice. The parties’ conduct, including any behaviour that prompted the admission in the first place The prejudice that may arise for either side if the admission is withdrawn, or if permission to withdraw is refused The likelihood of success (were the admission to be withdrawn) of the claim, or the relevant part of it to which the admission relates The outcome illustrates that, even where the defendant later obtained expert evidence supporting a realistic defence, this was eclipsed by other elements—namely the defendant’s...

Pagden (as Security Trustee under a Security and Intercreditor Deed dated 24 December 2015) and others v Ridgley [2025] EWHC 2674 (Ch) What was the background? Orthios Eco Parks (Anglesey) Ltd and Orthios Power (Anglesey) Ltd (together, the Companies) sat within the Orthios Group. The group obtained capital from Cresta Energy Ltd (Cresta), which put £66m into bonds issued via MPB Eco Parks Ltd (MPB), and from between 300 and 400 retail investors who subscribed £36.4m of bonds. Those bonds were backed by fixed and floating charges over land granted by the Companies, with all such security vested in Mr Colin, as security trustee, under a Security Trust Deed. On 25 March 2022, after an event of default, Mr Colin used his qualifying floating charge to appoint Mr Ridgley as administrator of the Companies. He did so without consulting Cresta beforehand. In late April 2022, Mr Colin executed a letter authorising Mr Ridgley’s sale of the land subject to the fixed charges and agreeing the following: remuneration to Mr...

Throughout 2023 and into early 2024, attention was firmly fixed on the implementation and enforcement of sanctions under the UK’s autonomous post‑Brexit regime, with Russia the prime focus. Per the most recent officially reported data, as at 31 March 2023 the UK’s consolidated list of financial sanctions targets, maintained by the Office of Financial Sanctions Implementation (OFSI), named 3,883 designated persons. Those individuals and entities were subject to an asset freeze (or other restrictions) across 35 sanctions regimes. These totals are likely to have increased substantially over the past 12 months, and we expect them to rise further between now and the end of the year. Alongside the expansion of the roster of sanctioned persons, 2023 also brought a suite of new financial and trade prohibitions. Measures introduced under the Russia regime have included limits on providing trust services and legal advisory services. Over 90% of the Russian banking sector is now within scope of sanctions, and curbs apply to dealings in money market instruments and securities, as well as...

What is the Pensions Advice Allowance? Following consultation in 2016/17, the government brought in, from 6 April 2017, the Pensions Advice Allowance. It enables eligible pension scheme members to withdraw a fixed sum from their pension pot tax-free to cover holistic retirement advice. At the member’s instruction, the scheme may therefore reduce the value of the member’s pot by the advice fee and pay the funds straight to the member’s adviser. This measure stemmed from the Financial Advice Market Review, which highlighted an advice gap affecting people who require retirement planning support but cannot meet the cost from net-of-tax income or savings. It is available in addition to other existing advice allowances and payment routes for advice. These include adviser charging, which does not permit pension monies to be used to fund holistic retirement advice. For further details, see Other types of pensions advice measures below. The government’s aim is to help those preparing for retirement to use the Pensions Advice Allowance to fund holistic...

This Practice Note offers an overview of trusts in the British Virgin Islands (BVI). For broader BVI background, see Practice Note: Private Client—British Virgin Islands—Q&A guide. The principal legislation is the Trustee Ordinance (Cap 303, Law of BVI), as amended (TO), and the Virgin Islands Special Trusts Act 2003, as amended (VISTA Law). The texts are available via the further reading links to Spitz & Clarke Offshore Service in the related documents pod and on the BVI FSC—Legislation web page. Types of trusts The most frequently used BVI trusts include: discretionary trusts VISTA trusts life interest trusts fixed interest trusts Discretionary trusts A discretionary trust typically affords maximum flexibility and is the most commonly adopted and, in many cases, the most effective arrangement for both settlor and beneficiaries. Trustees are granted wide discretion regarding when distributions are made, in what amounts, and to which beneficiaries, from both income and capital. This structure is particularly valuable where, at establishment,...

In disputes concerning how documents are to be read, including a claim about construing a Will, the court’s task is to identify the sense a Will would communicate to a reasonable reader equipped with all background knowledge reasonably available to the testator when the Will was made, as explained by Lord Hoffman in the Investors’ Compensation Scheme Ltd case. For a summary of the courts’ overall approach to construction disputes, see Practice Note: Will interpretation—principles of construction. This Practice Note centres on the construction of nil rate band (NRB) legacies in Wills and, in particular, the manner in which the courts will determine the value of assets passing to the legatee(s), which assets pass to the legatee, and how the residue of the estate is therefore constituted. The Practice Note also reviews precedent wording for NRB legacies and practical points that may arise following the testator’s death in practice. What is the NRB? Every individual’s estate is free of inheritance tax (IHT) up to a defined threshold known...

This Deed is made on [ insert day and month ] 20[ insert year ] Parties [ Insert name of Chargor ], being a company incorporated in England and Wales, with registered number [ insert company number ], and whose registered office is at [ insert address ] (the “ Chargor ”); and 1 [ Insert name of Security Agent ], acting as security agent and trustee for the Finance Parties pursuant to the terms and conditions set out in the [ Facilities Agreement OR Intercreditor Agreement OR Security Trust Deed ] (the “ Security Agent ”). Recitals: (A) The Finance Parties have consented to provide loan facilities subject to the terms and conditions set out in the Facilities Agreement (as defined below). (B) As a condition precedent to the loan facilities becoming available, the Chargor must execute this Deed for the purpose of granting security in favour of the Security Agent in relation to the Secured Obligations (as defined below)...

This Deed is dated [ insert day and month ] 20[ insert year ] Parties THE COMPANIES named in Schedule 1 (each, a Chargor, and collectively, the Chargors); and [ insert name of Security Agent ], acting as security agent and trustee for the Finance Parties pursuant to the terms and conditions contained in the [ Facilities Agreement OR Intercreditor Agreement OR Security Trust Deed ] (the Security Agent). Recitals The Finance Parties have consented to provide loan facilities in accordance with the terms and conditions described in the Facilities Agreement (as defined below). A condition precedent to the availability of those loan facilities is that each Chargor executes this Deed to grant security in favour of the Security Agent for the Secured Obligations (as defined below)...

Dear [ name of intern ] Internship agreement This letter confirms your unpaid internship with [ company name ] (‘the Company’) and outlines our hopes and expectations. We are dedicated to offering a supportive setting that helps you gain meaningful learning and experience. We trust your internship will be both enjoyable and rewarding. Internship Your [ duration, eg one-week, or three-month ] internship will begin on [ date ] and conclude on [ date ]. You will be located at [ address ]. There are no fixed working hours, though we hope you can attend for up to [ number ] hours each week. To maximise your experience, we recommend these hours fall between [ time ] and [ time ] on [ name day(s) or range of days ]. Learning objectives Learning objectives [ and a work plan ] are detailed [ in the Schedule ] below. We hope you will work towards and achieve these to the best of your ability...

Joint property ownership in England and Wales When property is owned jointly in England and Wales, it is held in two ways. The legal title shows the names under which the property is registered. Those legal owners hold it on trust for the beneficial owners (also called equitable owners). Beneficial owners are often the same as the legal owners, but need not be. Legal title is always held as joint tenants. Accordingly, the registered owners hold the property ‘per muy et per tout’: each owns the entirety rather than fixed shares...

Trespasser or oral tenancy Given the circumstances and the length of time she has been there, it is improbable that the sister in law is occupying as either: a trespasser (albeit a tolerated one); or under a lease, since a lease may only be created orally where: the term does not exceed three years, it is not of an incorporeal hereditament, it takes effect in possession, and it is at the best rent reasonably obtainable without taking a fine. See the Law of Property Act 1925, ss 52 and 54, and our Q&A. A landlord let a property on an assured shorthold tenancy starting 4 May 2015 for a fixed term of six months. Rent falls due on the 4th day of each month. No deposit was taken and the tenants have committed no breaches. Unfortunately, there is no written tenancy agreement. The clients now wish to recover...