Alway Sheet Metal Ltd v Capco Trust Jersey Ltd

Alway Sheet Metal Ltd v Capco Trust Jersey Ltd

There is insufficient convincing proof that the actual intentions of the parties in 1998 were as set out in the 2005 deed; the evidence overwhelmingly indicates the original intention was to benefit employees, and rectification is not justified.

Parties
Claimant: Alway Sheet Metal Limited; Defendant: Capco Trust Jersey Limited
Jurisdiction
England and Wales
Judgment Date
22 May 2014
Procedural Posture
Civil / Judgment After Trial of Rectification Claim
Outcome
Claim for rectification dismissed
Legal Topics
Rectification of Trust Deed, Employee Benefit Trusts, Tax Deductibility, Intention of Parties
Equity Trusts Rectification of Trust Deed Employee Benefit Trusts Tax Deductibility Intention of Parties

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Parties

Alway Sheet Metal Limited

Claimant

Capco Trust Jersey Limited

Defendant

Procedural Posture

Civil / Judgment After Trial of Rectification Claim

Legal Issues

  1. 1 Whether the 1998 trust deed should be rectified to reflect the terms of the 2005 deed
  2. 2 Whether there is convincing proof of the parties' intentions in 1998 to exclude employees as beneficiaries

Ratio Decidendi

There is insufficient convincing proof that the actual intentions of the parties in 1998 were as set out in the 2005 deed; the evidence overwhelmingly indicates the original intention was to benefit employees, and rectification is not justified.

Court Disposition

Claim for rectification dismissed