The Attorney General has asked the Law Reform Commission to review and report on two aspects of the law relating to beneficiaries of trusts:
the liability of beneficiaries, as beneficiaries, to indemnify trustees or creditors when trustees fail to satisfy obligations of the trust, and
whether oppression remedies available under company law should be extended to beneficiaries of trading trusts.
We are inviting preliminary submissions from interested stakeholders. The deadline for preliminary submissions is Friday 14 July 2017.
On the question of oppression remedies we have been specifically asked to consider whether to adopt the proposals in the Victorian Law Reform Commission's Report on Trading Trusts - Oppression Remedies, Report (2015).
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