Description

Trustees act personally. The Trusts Act 2019 does not change this and the following words of the Supreme Court in Macalister Todd Phillips Bodkins v AMP remain relevant.

“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.”

This popular webinar, which will include a case book will consider recent case law developments, canvasses how and why trustee liability arises, 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:

• Sources of risk
• Indemnity myths
• Liability and exemption clauses in trust deeds
• Settlor indemnities and adviser risk
• Practical considerations regarding the use of corporate trustees following the High Court decisions in Jacomb v Jacomb and Legler v Formannoij
• Defending notice of a decision to remove
• Failing to give basic trust information or to make disclosure in a reasonable period (see ss 49 to 55 of the Trusts Act). See Earl v McGuire
• Failing to meet obligations regarding core documents (see ss 45 to 48 of the Trusts Act)
• Seeking court directions for trustee comfort
• Managing court costs and exposure to costs
• Case law up-date

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.

ORIGINAL BROADCAST DATE

6 April 2022

LEARNING OUTCOMES

Attendees will learn:

• How to practically assess the risks of trusteeship
• The extent to which trustees can limit liability and be indemnified
• The parameters of properly incurred expenses in a trust context, and
• Workplace safety liability and other risks trustees can be exposed to

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