The Quistclose Trust

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. Contributors: Robert Stevens (Oxford), 'Rolls Razor Ltd'; William Swadling (Oxford), 'Orthodoxy'; James Penner (LSE), 'Lord Millett's Analysis'; Lionel Smith (McGill), 'Understanding the Power'; Robert Chambers (Alberta),'Restrictions on the Use of Money'; Peter Birks (Oxford),'Retrieving Tied Money'; Ewan McKendrick (Oxford), 'Commerce'; Robert Stevens (Oxford), 'Insolvency'; George Gretton (Edinburgh),'Scotland'.