19 Oct 2011
SPENCER V SPENCER HC WN CIV-2001-485-000857
- Citation
- openlaw-324e50f0_8adb_4824_8f72_5288b6c82a03.pdf
- Court
- High Court
Court found trustees breached trust in multiple material respects (failure to pay beneficiary despite net income being available after proper adjustments; permitting settlor to extract fees via his company; approving and paying excessive management/project fees; writing off Spencer Group debt against fees; failing to recover debt or charge interest; permitting improper drawings and charging children’s accounts; failing to obtain rent). Spencer Group was held to owe the trust $195,762. The Family Court condition in clauses 7 and 8 did not defeat the trustees' obligations. The trustee exemption…