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 have released Consultation Paper 19 and are inviting submissions on our preliminary views from interested stakeholders. The deadline for submissions is Friday 2 February 2018.
We will also hold a roundtable to discuss the issues raised in the Consultation Paper on
20 February 2018 at 10.00am. Please let us know if you would like to attend: Contact us.
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).
Consultation Paper 19
Terms of reference