Tuesday, 27 October 2009

Mr Justice Warren's judgment in: Power & Anor v HM Revenue and Customs & Anor [2009] EWHC 2580 (Ch) (23 October 2009)

"Mann J explained why, in his view, no trust (including a Quistclose-type trust) was created over monies paid to Agents prior to the cessation of trade on 10 October 2006. I agree with his analysis and conclusion. He also explained why he considered that there was a strong argument that monies paid to Farepak (including for this purpose monies paid to Agents), at a time when Farepak has decided to cease trading and at a time when it had indicated that payments should not be received, would be held by Farepak on a constructive trust from the moment they were received. Again, I agree with his analysis and conclusion. He further explained why he considered that the declaration of trust should be rectified to cover the FFG Current Account. Once again, I agree with his analysis and conclusions."
Picture Credit: http://i.dailymail.co.uk/i/pix/2006/11/farepak071106_228x452.jpg

No comments:

There was an error in this gadget