T & N Asbestos Trustee Company Ltd, Re [2016] EWHC 2594 (Ch) (18 October 2016)

The Trustee has the requisite powers under the Trust Deed and CVA to enter into the proposed transaction and amendments, has properly formed the view that the arrangement benefits Trust Claimants, and the court approves the application as a proper exercise of trustee powers.

Citation: [2016] EWHC 2594 (Ch)
Parties: Claimant: THE T & N ASBESTOS TRUSTEE COMPANY LIMITED
Jurisdiction: England and Wales
Judgment Date: 18 October 2016
Procedural Posture: Part 8 Claim / Application for Court's Permission to Enter Into Agreement and Amend Trust Documents
Outcome: Application granted
Legal Topics: Trustee Powers, Trust Deed Amendment, Distribution of Trust Assets, Commutation of Insurance Claims

Trusts Insolvency Insurance Trustee Powers Trust Deed Amendment Distribution of Trust Assets Commutation of Insurance Claims

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Parties

THE T & N ASBESTOS TRUSTEE COMPANY LIMITED

Claimant

Procedural Posture

Part 8 Claim / Application for Court's Permission to Enter Into Agreement and Amend Trust Documents

Legal Issues

1 Whether the Trustee has power to enter into the proposed agreement with the US Asbestos Trust
2 Whether the Trustee can amend the Trust Deed and Trust Distribution Procedures
3 Whether the proposed transaction is for the benefit of Trust Claimants

Ratio Decidendi

Court Disposition

Application granted

Orders

Permission to enter into agreement with US Asbestos Trust
Permission to amend Trust Deed and Trust Distribution Procedures as described in Mr Gleave's first statement