The Quistclose Trust: Critical Essays

Description

The decision of the House of Lords in Twinsectra v Yardley (2002) has refocused attention on the Quistclose trust (Barclays Bank v Quistclose Ltd [1970] AC 567). Although accepted by insolvency lawyers as a convenient tool for corporate rescue, the precise basis of the trust has always been in doubt. The purpose of these essays is to explore the supposed foundations of the trust and subject them to a searching analysis. In particular, attention will focus on Lord Millett's controversial analysis in Twinsectra of the way the trust works and his assertion that it is consistent with traditional principles of trust law.

William Swadling is Fellow and Tutor in Law of Brasenose College Oxford and a Lecturer in Law in the University of Oxford

All students and practitioners who are required to deal with trust relationships should read this book, as it is a masterclass of learning and insight on the subject of trusts. -- Martin Palmer * Journal of International Trust and Corporate Planning * ...it must be emphasised that this is an excellent collection of essays. The level of learning and scholarship contained therein is remarkable. From a practical perspective, this book has further confirmed that the Quistclose trust analysis remains somewhat unstable and lenders are better off relying on the conventional security, rather than structuring transactions around a Quistclose trust. From a personal perspective, the reviewer feels privileged to be able to review a book that contains Professor Birks' last published word on the subject of Quistclose trust. -- Look Chan Ho * Journal of Business Law *