Commercial Trusts

Author: Nuncio D’Angelo
Publisher: LexisNexis Australia
ISBN: 9780409338812
Published In: June 2014
Format: Paperback
Jurisdiction: Australia ? Disclaimer:
Countri(es) stated herein are used as reference only

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This book provides a comprehensive analysis of Australian commercial trusts, from private trading trusts through to publicly listed managed investment schemes, as sophisticated modern business entities. The use of these trusts is widespread and they hold immense wealth; however, they also present serious legal issues for those who are involved with them. While companies are regulated by a highly evolved statutory regime, commercial trusts are not.

Commercial Trusts examines, in an applied way, the Australian commercial trust as a dynamic and modern enterprise entity operating, in effect, as a surrogate company. The focus is on the legal and insolvency risk position of the three main classes of participant, that is, unit holders, corporate trustees and creditors and other ‘outsiders’.

The appendices contain state-of-the-art due diligence checklists, with explanations for every step, and sample protective clauses for inclusion in commercial trust instruments and third party contracts (including financing arrangements), in all cases drawn on best practice models in current use in the Australian market, enhanced to address the issues dealt with in the substantive content. This book is indispensable for any lawyer advising those involved in or dealing with commercial trusts.

Please note the book does not deal with the taxation treatment of commercial trusts.

Chapter 1 Introduction: Concepts and Principles

Chapter 2 Evolution of the Australian Commercial Trust

Chapter 3 Legal Risks of the Beneficiary as an Equity Investor

Chapter 4 Legal Risks of the Commercial Trustee

Chapter 5 Legal Risks of the Trust Creditor

Chapter 6 The Commercial Trust in Insolvency

Chapter 7 Conclusion: Reforming the Commercial Trust

Appendices

Appendix 1 Extracts from the Corporations Act

Appendix 2 Selected reports into the law affecting commercial trusts

Appendix 3 Protecting equity investors

Appendix 4 Protecting the trustee

Appendix 5 Protecting creditors and other counterparties

Appendix 6 The Blackacre Trust hypothetical

Nuncio D’Angelo BJuris/LLB (NSW) LLM PhD (Law) (Syd) is the Head of Banking & Finance with global law firm Norton Rose Fulbright in Australia. He has practised in banking and finance and corporate and commercial law in top-tier law firms in Australia, the United Kingdom and elsewhere. He has extensive experience advising financiers, investors and trustees, and directors of trustees, in relation to trading trusts, managed investment schemes and other commercial trusts. He is widely published in this and other areas and has lectured at both undergraduate and postgraduate level at several Australian universities.