David Pollard
Freshfields (From Issue 9, October 1999)
Where a company acts as a trustee, clearly in practice the actual decisions in relation to the trust will have to be made by individuals. Commonly those individuals will be directors or employees of the trustee company. Clearly if the trustee company commits a breach of trust as a result of such a decision, the company itself will be liable, in the usual way, to the beneficiaries and others affected. This will, of course, be subject to the terms of any relevant clause limiting or excluding liability. However, are the individuals who actually made the decision (or omitted to act in the case of an omission) on the part of the trustee company also potentially liable? Or can they shelter behind the corporate personality of the trustee company and so escape all personal liability altogether?
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The Trust Quarterly Review is published in partnership with STEP, it discusses matters of interest to trustees and executors with a focus on the particular interests of trust corporations in mind
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