The purpose of these essays is to explore the supposed foundations of the trust and subject them to a searching analysis. In particular, attention will focus on Lord Millett's controversial analysis in Twinsectra of the way the trust works and his assertion that it is consistent with traditional principles of trust law.
The so-called Quistclose trust probably represents the single most important application of equitable principles in commercial life. (Lord Millett in the foreword to this book).The decision of the House of Lords in Twinsectra v Yardley has refocused attention on the Quistclose trust. Although accepted by insolvency lawyers as a convenient tool for corporate rescue, the precise basis of the trust has always been in doubt. The purpose of these essays is to explore the foundations of the trust and subject them to a searching analysis. 2b1af7f3a8