Potential Issues for Trustees and Directors of Trustee Companies with Sole Directors

Potential Issues for Trustees and Directors of Trustee Companies with Sole Directors

                                                                                                                                                                                       Peter Nevile

We have recently noticed that quite a few trust deeds and Trustee company constitutions, where there is an individual trustee or a sole director, do not address the issue of incapacity or death of the trustee and/or the sole director. It can have a significant adverse effect. If you fall into this category, we suggest you contact us to review your trust deed and, perhaps, your constitution. There are relatively new provisions regarding successor directors. Alternate directors have no further capacity or function when the original director loses capacity or passes away.

Peter Nevile
January 26

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.