Folds Farm Trustees Ltd & Anor v Cutts & Ors [2024] EWHC 12 (Ch) (15 January 2024)

Folds Farm Trustees Ltd & Anor v Cutts & Ors [2024] EWHC 12 (Ch) (15 January 2024)

The trustees' decision to appoint Folds Farm to Alister for £4.2 million plus overage and other terms is one which a reasonable body of properly instructed trustees could have arrived at. The trustees took into account all relevant factors, did not act irrationally, and were not affected by any conflict of interest. The court therefore approves (blesses) the trustees' decision.

Citation
[2024] EWHC 12 (Ch)
Parties
Claimant: Folds Farm Trustees Limited; Claimant: Cutts Trustees Limited; First Defendant: Oliver Alister Sydney Cutts; Second Defendant: Victoria Delville-Cutts; Third Defendant: Charlotte Springall; Fourth Defendant: Cecilia Delville-Lindsay; Fifth Defendant: Cloudia Kinsville-Heyne
Jurisdiction
England and Wales
Judgment Date
15 January 2024
Procedural Posture
Trustees' Application for Court Approval (blessing) of a Momentous Decision / Judgment After Trial
Outcome
Trustees' application granted; court approves (blesses) the trustees' decision.
Legal Topics
Trustee Powers, Court Approval of Trustee Decisions, Discretionary Trusts, Letter of Wishes, Valuation of Trust Assets, Conflict of Interest, Distribution of Trust Assets
Trusts and Estates Property Law Trustee Powers Court Approval of Trustee Decisions Discretionary Trusts Letter of Wishes Valuation of Trust Assets Conflict of Interest +1 more

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Parties

Folds Farm Trustees Limited

Claimant

Cutts Trustees Limited

Claimant

Oliver Alister Sydney Cutts

First Defendant

Victoria Delville-Cutts

Second Defendant

Charlotte Springall

Third Defendant

Cecilia Delville-Lindsay

Fourth Defendant

Cloudia Kinsville-Heyne

Fifth Defendant

Procedural Posture

Trustees' Application for Court Approval (blessing) of a Momentous Decision / Judgment After Trial

Legal Issues

  1. 1 Whether the trustees' decision to appoint the principal trust asset (Folds Farm) to one beneficiary (Alister) for £4.2 million plus overage and other terms is one a reasonable body of trustees could properly have arrived at
  2. 2 Whether the trustees failed to take into account relevant matters or took into account irrelevant matters
  3. 3 Whether the trustees' decision was vitiated by any conflict of interest

Ratio Decidendi

The trustees' decision to appoint Folds Farm to Alister for £4.2 million plus overage and other terms is one which a reasonable body of properly instructed trustees could have arrived at. The trustees took into account all relevant factors, did not act irrationally, and were not affected by any conflict of interest. The court therefore approves (blesses) the trustees' decision.

Court Disposition

Trustees' application granted; court approves (blesses) the trustees' decision.

Orders

  • The trustees are authorised to implement their decision to appoint Folds Farm to Alister on the terms proposed.
  • The minor and unborn beneficiaries are bound by the order through representation orders made at trial.