A recent decision from the UK High Court involving trusts set up by a Russian Oligarch, Mr Pugachev who fell out with Mr Putin, is raising alarm bells with Trust law practitioners.
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No-one who viewed coverage of the widely staring eyes of Antonie Dixon in court, following his rampage with a samurai sword while high on methamphetamine, is likely to forget it. Yet 14 years on, the issue of methamphetamine – or “P” – is more prevalent in our society today than ever before.
Problematic “P” trends have broadened to include unsuspected contamination in homes, whether by a tenant or former owner. It is becoming increasingly common to have residential sale and purchase agreements subject to a “P” residue test, or for this to be part of general due diligence. This has been particularly prevalent in the case of residential rental properties.
The baby boom generation is now without question hurtling towards old age. Not only is significant wealth tied up in this age group, but there are significant potential risks in accessing that wealth, especially if it is in Trusts and in cases where key parties (eg Trustees/Settlors/Appointors) suffer from diminished capacity.
The Contract and Commercial Law Act 2017, passed on 2 March 2017, comes into force on 1 September 2017. This new legislation is not intended to substantially alter the law. Rather it is part of the government’s judicial modernisation process. The new Act repeals many of the statutes that are regularly quoted or cited in documents. The Acts being repealed are:
The Supreme Court recently decided that the dismissal of charges against former Pike River Mine boss Peter Whittall was unlawful. We support the view of the judges that their decision reaffirms the rule of law. The court found that Worksafe entered into an unlawful bargain in 2013 when it agreed to a deal in which insurers for Whittall would pay the Pike victims $3.41 million if the prosecution was dropped. Pike River victims Sonya Rockhouse and Anna Osborne brought the case.