Trust Series 2018 – Trustee Liability

Description

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.

HIGHLIGHTS
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:

  • The risks of trusteeship 
  • Sources of trustee liability 
  • Common breaches of trust 
  • Contracting out of trustee liability 
  • Rights of indemnity – how to lose them – how to enforce them 
  • Corporate trustees 
  • Retirement to avoid liability 
  • Court costs 
  • Seeking directions or the Blessing of the Court 
  • Case law up-date 
  • Traps for trustees 

Cases covered will include: Courteney v Pratley [2017] NZHC 3285 Clement v Lucas [2017] NZHC 3278; Re PV Trust Services Limited [2017] 2957; Davis and McNiece v White [2017] NZCA 585 and Triezenberg v Mason [2018] NZHC 186

WHY ATTEND
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.

 LEARNING OUTCOMES

Attendees will learn:

  • how to practically assess the risks of trusteeship
  • how past and present trustees incur liability
  • how to identify and address breaches of trust
  • how liability is shared between co-trustees
  • the steps trustees can take to avoid personal risk
  • the extent to which trustees can be indemnified from the deed of trust
  • how rights of indemnity can be compromised

SUITED TO

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.

PRESENTER

Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited

1.25 CPD Hours

  • May 02
    Wed, 10:30 AM NZST - 11:45 AM NZST Online
    • $180.00 excl. GST

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    HR for non-HR Managers 2018 - Part 1
  • Tue 01 May 2:30 PM NZST
    Airbnb - Key tax considerations 2018
  • Wed 02 May 10:30 AM NZST
    Trust Series 2018 – Trustee Liability
  • Wed 02 May 2:30 PM NZST
    Investigating Misconduct 2018
All Coming Soon >>

One-connection-one-fee

Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.

Sole practitioners

A discount on webinars is available for sole practitioners. Please contact us at NZ‑learning@wolterskluwer.com to confirm eligibility.