Limitations on Limitations of Liability

Any transaction, no matter how much the parties may believe they catered for all eventualities, carries a degree of risk of liability for all parties involved. Where trustees are party to a transaction (whether a property transfer or a lease), they will usually seek to limit their liability to ensure that they are not personally liable.  However, a recent case has highlighted that clauses limiting trustees’ liability must be carefully drafted to cover the whole transaction.

Trust Disputes – Personal Liability of Trustees

A trust, unlike a limited company, has no legal personality and the assets of the trust are vested in trustees. Trustees are the only persons capable of assuming rights and obligations in relation to the assets and administration of the trust.

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