Trustees act personally. As noted in the Supreme Court judgment in Macalister Todd Phillips Bodkins v AMP
“Liabilities incurred by a trustee in relation to a trust are always the personal liabilities of the trustee … A creditor has a personal right to sue a trustee and to get judgment and make the trustee bankrupt.”
A myth that continues to be perpetrated is that that an independent trustee has no personal liability unless the trustee commits a breach of trust.
This popular webinar, which will include a case book will consider recent case law developments, canvasses how and why trustee liability arises, common breaches of trust, what trustees can do to protect themselves and the extent to which trustees can limit their liability and seek indemnity from the trust fund.
This webinar, which will conclude with a question and answer section, will consider the outcome of recent cases to demonstrate how trustee liability arises and the practical steps that can be taken to manage the risks of trusteeship.
Topics covered will include:
Cases covered will include: Courteney v Pratley  NZHC 3285 Clement v Lucas  NZHC 3278; Re PV Trust Services Limited  2957; Davis and McNiece v White  NZCA 585 and Triezenberg v Mason  NZHC 186
Although it is common for a deed of trust to limit a trustee’s liability to the assets of the trust, many circumstances can arise where a trustee is personally liable for losses. Accordingly, it is essential that trustees (and their advisers) understand and manage the risks inherent in the appointment as a trustee.
Attendees will learn:
This webinar is targeted at practitioners at all levels but will be of particular benefit to practitioners who advise trustees or who are trustees or directors of trustee companies.
Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited
1.25 CPD Hours