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Equity and Trust Law - the Quistclose trust. Essay Development Plan. Ever since Barclays Bank Ltd v Quistclose,1 trusts have been inferred by English courts. William Swadling (ed), The Quistclose Trust: Critical Essays, Oxford: Har. Publishing, , xxiii + pp, hb? This book is a collection of nine papers.
The sale of some eBooks are restricted to certain countries. Customers who had finished paying for their vouchers and hampers found they would receive nothing.
As unsecured creditors, the payout was likely to be a few pence in the pound. One argument presented on behalf of disappointed customers was that their savings were held on trust applying the logic of Quistclose.
The court concluded that there was no trust as the money received from individual customers was not kept separate by the agents, nor by Farepak. The conclusion reached was that Farepak did not hold customer money on trust for the purpose of purchasing vouchers and hampers.
Please note that ebooks are subject to tax and the final price may vary depending on your country of residence. The so-called Quistclose trust probably represents the single most important application of equitable principles in commercial life.
Lord Millett in the foreword to this book. The decision of the House of Lords in Twinsectra v Yardley has refocused attention on the Quistclose trust.
Although accepted by insolvency lawyers as a convenient tool for corporate rescue, the precise basis of the trust has always been in doubt. The purpose of these essays is to explore the foundations of the trust and subject them to a searching analysis.
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