Securitisation of Channel Tunnel debts.
The controlling noteholder of a series of notes issued by the company and secured by a trust deed argued that its extensive powers, while its notes remained outstanding, to direct the trustee of the trust deed how to exercise its discretion (for example, as to when to take enforcement action) diminished the role of the trustee below the irreducible core which a valid trust must have.
Held: The court rejected that argument by reference to various other powers which the trust deed vested in the trustee and the trustee’s obligation to act in good faith.
Sir Anthony Clarke MR, Arden and Dyson LJJ
[2007] EWCA Civ 11, [2007] 4 All ER 736
Bailii
England and Wales
Cited by:
Cited – Lehtimaki and Others v Cooper SC 29-Jul-2020
Charitable Company- Directors’ Status and Duties
A married couple set up a charitable foundation to assist children in developing countries. When the marriage failed an attempt was made to establish a second foundation with funds from the first, as part of W leaving the Trust. Court approval was . .
Lists of cited by and citing cases may be incomplete.
Updated: 24 August 2021; Ref: scu.248013
