Source: All England Reporter
Publisher Citation: [2003] All ER (D) 118 (May)
Neutral Citation: [2003] EWHC 1010 (Ch)
Court: Chancery Division
Judge:

Pumfrey J

Representation Richard Adkins QC and Adam Goodison (instructed by Theodore Goddard) for the claimant.
  William Trower QC and Dominic Chambers (instructed by Brooke North) for the second defendant.
  Anthony Mann QC (instructed by Clifford Chance) for the fifth defendant.
Judgment Dates: 9 May 2003

Catchwords

Trusts - Creation of trust - Certainty of objects - Identification of beneficiaries of trust - Ownership of funds in trust.

The Case

In proceedings by which the claimant company sought the determination of a question as to the identity of the beneficiaries of two trust accounts set up to service the payment of customer deposits and of moneys due to 'urgent suppliers', the court ruled, inter alia, that, to the extent to which the company had not, by its declaration of trust, effectively created beneficial interests in the funds in favour of the beneficiaries, the company remained the beneficial owner of the funds.

Practice Areas

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