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Insolvency – Trust deed for creditors. Court of Session: In an action in which the issue was whether or not the trust comprised in a trust deed for creditors granted by the second pursuer came to an end on the trustee making what he described as a 'first and final' distribution of 22.41 pence in the pound to creditors, the court held that the meaning in cl (11) of the words 'the final distribution of my Estate . . . by my Trustee in accordance with this Trust Deed' to be preferred as being more consistent with business common sense was the meaning the pursuers contended for, and accordingly when the trustee made a payment of what he deemed to be a final dividend on 5 November 2010 the trust terminated at that time.
Insolvency – Trust deed for creditors. Court of Session: In an action in which the issue was whether or not the trust comprised in a trust deed for creditors granted by the second pursuer came to an end on the trustee making what he described as a 'first and final' distribution of 22.41 pence in the pound to creditors, the court held that the meaning in cl (11) of the words 'the final distribution of my Estate . . . by my Trustee in accordance with this Trust Deed' to be preferred as being more consistent with business common sense was the meaning the pursuers contended for, and accordingly when the trustee made a payment of what he deemed to be a final dividend on 5 November 2010 the trust terminated at that time.
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