Abstract

Disclosure by trustees to beneficiaries of documents belonging to companies whose shares are held in trust involves principles of company law as well as trust law. There is tension between, on the one hand, trustee accountability (emphasized by the Privy Council in Schmidt) and, on the other, the company’s separate existence and company law that regards the company as separate from its shareholders who enjoy no interest in the company’s property and have no role in the running of its day to day business. These tensions were addressed by Court of Appeal in Butt v Kelson. 1

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