Beware the conditional gifts – High Court rules children of beneficiary take gift subject to conditions subsequent in will despite lack of knowledge

    A recent decision of the High Court clarified that where a beneficiary of a will predeceases the testator and the gift vests in the beneficiary’s children under s. 33 of the Wills Act 1837, those children take the gift subject to the same condition subsequent that would have bound the beneficiary. The ruling also confirmed … Read more

    FATF Guidance in relation to the Risk Based Approach for Trust and Company Service providers – helping TCSPs design effective measures to manage money laundering/terrorist financing risks

    The Financial Action Task Force (FATF) published updated guidance in relation to the Risk Based Approach (RBA) for Trust and Company Service Providers (TCSPs) on 26 June 2019 (the Guidance).  A copy of the Guidance can be found here. The Guidance has been developed to assist TCSPs professionals, practitioners with TCSPs as customers, and countries … Read more

    Directors’ company obligations trump family interests

    Directors must be loyal to and to act in the best interests of the company of which they are directors. Whilst directors in a majority family owned business may "owe" moral duties to their family members which may conflict with their duties owed to the company, they must prioritise the interests of the company. The recent judgment, Northampton Borough Council v Cardoza and others [2019] EWHC 26 (Ch) [2019] All ER (D) 130 (Jan), is a timely reminder of these rules. Read more

    (Great) legitimate expectation(s)?

    On 22 May 2019, the Hong Kong Court of First Instance handed down a lengthy judgment in the high profile Madam Lo v HSBC Trustee case.  As well as grabbing the headlines, the case raised novel points of law which the judge had to grapple with. The result was full vindication for the trustee. Read more

    Court of Appeal confirms test for dishonesty in dishonest assistance claims

    In Group Seven Limited & Ors v Notable Services LLP & Ors [2019] EWCA Civ 614, the English Court of Appeal held inter alia (overturning a first instance decision) that an accountant member of a multi-disciplinary firm of solicitors was liable as an accessory for dishonestly assisting breaches of trust. The appeal comprised multiple conjoined … Read more