Since the book was first published Vincent has received royalty payments twice a year from the publisher. It is popular with students and a new edition is published every two years. Vincent is the author of a textbook on constitutional law.
Jason is concerned that he may have rendered himself personally liable. its rights and liabilities under the trust, including any rights (if any) in relation to the trust property and against the beneficiaries.the management of the trust property and.Clean-It-Up Pty Ltd is insolvent, and no funds will be able to be recovered from it. The owner of the vehicles sued Wisteria Pty Ltd for the loss, and damages of $500,000 were awarded. Furthermore, the Clean-It-Up Pty Ltd mowing equipment was defective, and caused damage to several vehicles parked near a mowing job, including a Ferrari. The only trust assets left is the bank account, which has reduced in total to $150,000 due to salary expenses and rent payments. Through no apparent fault of the trustee, customers were attracted to new gardening services in the area. Unfortunately, the business soon experienced catastrophic financial failure, and was forced to close. Wisteria Pty Ltd decided that the remaining trust assets should be kept in a bank account, which paid interest at 5%. Clean-It-Up Pty Ltd was owned and managed by Jason Knight’s wife, Pam. Accordingly, $300,000 worth of shares were sold and the proceeds used to purchase wood-chipping equipment from Clean-It-Up Pty Ltd.
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The business was operated from land leased from Permanent Equity Ltd.Īfter taking over management of the business, Wisteria Pty Ltd decided to upgrade equipment used in the business. Trust property comprised the gardening business and $500,000 invested in a portfolio of shares.
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