To what extent do directors of a corporate trustee owe duties to a corporate trustee, its shareholders and/or the beneficiaries of the trust?
This article examines a Federal Court case in which a director of a private company, acting as trustee of a private trust, was found to have breached his fiduciary duties to the company by entering into a series of transactions to effect superannuation contributions.
What many advisers will find interesting (and possibly concerning) is that this finding occurred in a context that most people would consider to be a normal commercial transaction/restructure.
For further Information please contact:
Phil Broderick
Principal
Sladen Legal
03 9611 0163
pbroderick@sladen.com.au