The Public Trustee meaning

Existence and validity of trusts Provincial Equity Finance Ltd v Dines (née Breda) [2023] EWHC 103 (Ch) News Analysis: A literary epigraph—‘By prosperous voyages I often made… and the great care of goods at random left’—introduces a consideration of resulting trusts and the scope of express trusts. The decision underscores the practical obstacles in proving a resulting trust where a disorganised deceased ran bank accounts for mixed ends, and confirms that an express trust can override the presumption of a resulting trust even if the contributor of funds is not a party to the express trust. Author: Nicholas Holland, McDermott Will & Emery UK LLP Jurisdiction: England & Wales Attorney General v Zedra Fiduciary Services (UK) Ltd and others [2022] EWHC 102 (Ch) News Analysis: The court sanctioned a cy près scheme for a £600m charitable trust to be used towards reducing the National Debt, addressing the suitable application of the National Fund. The judgment considers...

What is the background to the call for evidence? Following Chancellor of the Exchequer Jeremy Hunt’s Mansion House address the night before, the DWP launched the call for evidence. Issued in tandem with several other DWP publications, these materials covered a broad spread of topics affecting UK pension schemes. Their shared aim was to boost investment in UK productive finance whilst shielding members’ benefits and giving precedence to a resilient, diversified gilt market. The Chancellor characterised the proposals across the various papers as the ‘Mansion House reforms’. The DWP placed the Response alongside further papers pertinent to DB pension schemes, including: the Autumn Statement 2023, which confirms that the Government will reduce the authorised surplus payments charge, currently payable on a return of surplus to a scheme employer, from 35% to 25% from 6 April 2024; and Call for evidence outcome: Pension trustee skills, capability and culture What was the outcome? ...

Representation of Zedra Trust Company (Suisse) SA re C and D Trusts [2023] JRC 213 What are the practical implications of this case Although resolved on its own facts, the court offered broadly useful guidance for trustees managing dynastic trusts intended to support multiple generations. As a family’s philosophy evolves, trustees should assess whether the trust still embodies that shift and, if not, consider whether substantive modifications are required. The ruling will interest practitioners as it confronts public policy and human rights considerations within the framework of trust deed provisions and settlors’ expressed wishes. It underlines that letters of wishes are not binding on trustees, and certainly not on the court, and demonstrates judicial backing for a trustee departing from a settlor’s clear wishes to prevent family discord, here arising from the exclusion of the female line from benefitting from the Trusts. In short, the decision encourages trustees of long‑running family trusts to think carefully about alignment with changing family...

Public disclosures to compare pension schemes The government said that opening up disclosures will enable employers and workers to compare pension schemes more easily. But the Society of Pension Professionals warned the policy could also weaken pension funds’ decision-making authority. Chancellor of the Exchequer Jeremy Hunt outlined the disclosure programme in March 2024, alongside a push for UK pension funds to invest at least 5% of assets in unlisted British companies. In a paper dated 1 May 2024, the SPP noted that the main pension providers—covering more than 15 million UK pension savers—already publish their UK investments via Corporate Adviser magazine’s annual Master Trust & GPP report. The SPP pointed out that such disclosures are already available through that report. According to the paper, the results indicate that funds with higher UK equity weightings have typically underperformed those with minimal or no exposure to the UK market...

This Practice Note forms part of the Lexis+® UK Corporate private equity buyout transaction toolkit. Beyond choosing between a share sale and an asset sale structure, a range of matters should be weighed at the outset of a private equity buyout (MBO), before due diligence begins and the principal transaction documents are negotiated. These matters can influence the core commercial and legal terms, so each side is well advised to address them before settling any headline terms (and before executing heads of terms for both the acquisition and equity elements) and before fixing the transaction timetable. The topics outlined below (and in the Practice Notes referenced in this sub‑phase) may remain relevant throughout the deal, particularly during negotiation of the formal documentation, but they are highlighted early because lawyers for all interested parties ought to consider them and brief their clients as soon as possible. Corporate issues to consider Selected corporate law points are outlined below; applicability will vary with the nature of the deal and the parties...

This Practice Note has been created in collaboration with Shafaq Sadiq of Wedlake Bell. In Islam, the ethic of ‘giving and helping’ lies at the heart of faith, as such acts greatly please Allah Subhanahu Wa Ta'ala (swt—the most glorified, the most high). The Islamic institution known as the ‘Waqf’ enables the dedication of wealth and is regarded as a very noble practice encouraged by Islamic law. for charitable or religious purposes; and as a means of family wealth management, offering financial stability to the donor’s family during their lifetime or after their death. Waqf The core idea of Waqf is sustainability, ensuring a continuing charitable endowment. The term derives from the Arabic ‘Waqafa’, meaning to halt or hold; in essence, ownership ceases by transferring the property wholly to Allah swt. Waqf is a distinctive instrument within Islam. There is no specific verse in the Quran that sets out the concept of Waqf; however, there are numerous verses in the Quran...

A bankrupt is discharged from bankruptcy one year after the bankruptcy begins, unless the court suspends that discharge because the bankrupt has failed to co-operate with the official receiver (OR) or the trustee in bankruptcy (trustee) (IA 1986, s 279). On discharge, the disqualifications and restrictions that apply to an undischarged bankrupt come to an end. For further detail on those disqualifications and restrictions, see Practice Note: The immediate effects of a bankruptcy order on the bankrupt. What is the bankruptcy restrictions regime and why was it introduced? In cases where bankruptcy is not the product of honest misfortune, but arises from the bankrupt’s misconduct or recklessness, it is regarded as appropriate that the bankruptcy disqualifications and restrictions should continue for longer than one year, to protect the public interest and act as a deterrent. Accordingly, the Enterprise Act 2002 (EnA 2002) introduced a new section (IA 1986, s 281A) and a Schedule (IA 1986, Sch 4A) into the IA 1986, so that, from 1 April 2004, the...

This Q&A assumes that the trust corporation is a company incorporated and registered in the UK under the Companies Act 2006 (CA 2006) CA 2006 sets the framework for how a company formed under that Act allots and issues its shares. The exact process varies by the nature of the company proposing the allotment and factors such as whether it has a single share class or several classes already in issue. For further detail, see the sub-topic: Allotment, issue and pre-emption—overview, with particular reference to the Practice Note: Allotment and issue of shares—introductory points. For guidance on the consequences of breaching the CA 2006 provisions on allotting and issuing shares, consult Practice Note: Allotment and issue of shares—penalties...

The following Q&A addresses this question: Is a sole LPA attorney permitted to purchase real property from the donor where the donor lacks mental capacity? We also direct you to: Subtopic: Lasting powers of attorney—overview (and in particular, see Practice Note: LPAs—the attorney's duties and powers) Topic: Court of Protection Commentary: Re Buckley: The Public Guardian v C: Cretney and Lush on Lasting and Enduring Powers of Attorney...

A charity may hold legal title to land or property in its own name only if it is a charitable incorporated organisation or a charitable company. Land Registry Guidance Practical Guidance 14: Charities explains that the term “trust corporation” includes: the Public Trustee (who is not permitted to accept trusts for charitable purposes); a corporation appointed by the court, in any particular instance, to act as trustee; and a corporation entitled, under rules made pursuant to section 4(3) of the Public Trustee Act 1906, to act as a custodian trustee. See section 205(1)(xxix) of the Law of Property Act 1925 and section 17(1)(xxx) of the Settled Land Act 1925, and also section 3 of the Law of Property (Amendment) Act 1926...