T & N Asbestos Trustee Company Ltd, Re

T & N Asbestos Trustee Company Ltd, Re

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 arrangements are for the benefit of Trust Claimants, and has adequately notified interested parties; court approval is granted.

Parties
Claimant: THE T & N ASBESTOS TRUSTEE COMPANY LIMITED
Jurisdiction
England and Wales
Judgment Date
18 October 2016
Procedural Posture
Part 8 Claim / Judgment on Application for Court's Permission to Enter Agreement and Amend Trust Documents
Outcome
Application granted
Legal Topics
Trustee Powers, Variation of Trust Deed, Distribution of Trust Assets, Court Approval of Trustee Decisions
Trusts Insolvency Trustee Powers Variation of Trust Deed Distribution of Trust Assets Court Approval of Trustee Decisions

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Parties

THE T & N ASBESTOS TRUSTEE COMPANY LIMITED

Claimant

Procedural Posture

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

Legal Issues

  1. 1 Whether the Trustee has power to enter into the proposed transaction with the US Asbestos Trust
  2. 2 Whether the Trustee can amend the Trust Deed and Trust Distribution Procedures
  3. 3 Whether the proposed arrangements are in the best interests of Trust Claimants

Ratio Decidendi

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 arrangements are for the benefit of Trust Claimants, and has adequately notified interested parties; court approval is granted.

Court Disposition

Application granted

Orders

  • Permission to enter into agreement with US Asbestos Trust
  • Permission to amend Trust Deed and Trust Distribution Procedures