19 Sept 2012
TRUSTEES EXECUTORS LTD V PERPETUAL TRUST LTD HC AK CIV 2012-404-3569
- Citation
- openlaw-48a6cb9b_3305_49db_a469_bd744671f38d.pdf
- Court
- High Court
The Court had jurisdiction under s49 of the Securities Act 1978 and, exercising its discretion to protect security holders where there was a significant risk of material prejudice and deed provisions were inadequate, it was justified in amending the trust deed and declaration and ordering termination of the illiquid Mortgage Fund to provide an efficient, equitable winding-up mechanism and to prevent recurrence of the risky lending practice.