KK v MA & Ors

KK v MA & Ors

The Official Receiver is entitled to the beneficial interest in all shares of Southend and AA, the dividends declared, the proceeds of 642SR, and properties purchased with those proceeds, by virtue of statutory vesting and proprietary tracing; trust deeds relied upon by respondents are sham, ultra vires, or executed in breach of duty; limitation does not bar the Official Receiver's claims.

Parties
Applicant: KK; Respondent: MA; Respondent: NM; Respondent: SM; Respondent: Properties Limited; Respondent: FB; Respondent: MM; Respondent: The Official Receiver; Respondent: A-A Ltd
Jurisdiction
England and Wales
Judgment Date
29 March 2012
Procedural Posture
Family Division / Judgment
Outcome
Official Receiver's proprietary claims succeed; respondents' claims to 642SR and its proceeds dismissed.
Legal Topics
Constructive Trust, Resulting Trust, Bankruptcy, Tracing, Beneficial Ownership, Presumption of Advancement, Tax Liability, Section 37 Matrimonial Causes Act
Family Law Insolvency Trusts Constructive Trust Resulting Trust Bankruptcy Tracing Beneficial Ownership +3 more

Case Brief

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Parties

KK

Applicant

MA

Respondent

NM

Respondent

SM

Respondent

Properties Limited

Respondent

FB

Respondent

MM

Respondent

The Official Receiver

Respondent

A-A Ltd

Respondent

Procedural Posture

Family Division / Judgment

Legal Issues

  1. 1 Beneficial ownership of shares and properties
  2. 2 Statutory vesting of bankrupt's estate
  3. 3 Tracing of dividends and property proceeds

Ratio Decidendi

The Official Receiver is entitled to the beneficial interest in all shares of Southend and AA, the dividends declared, the proceeds of 642SR, and properties purchased with those proceeds, by virtue of statutory vesting and proprietary tracing; trust deeds relied upon by respondents are sham, ultra vires, or executed in breach of duty; limitation does not bar the Official Receiver's claims.

Court Disposition

Official Receiver's proprietary claims succeed; respondents' claims to 642SR and its proceeds dismissed.

Orders

  • 642SR proceeds, three properties, and family loan account balances to be transferred or secured to Official Receiver until tax and penalties are paid and surplus calculated.
  • Declarations that trust deeds are sham, ultra vires, and breach of fiduciary duty.