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'.

1. Rolls Razor Ltd
Robert Stevens

2. Orthodoxy
William Swadling

3. Lord Millett's Analysis
James Penner

4. Understanding the Power
Lionel Smith

5. Restrictions on the Use of Money
Robert Chambers

6. Retrieving Tied Money
Peter Birks

7. Commerce
Ewan McKendrick

8. Insolvency
Robert Stevens

9. Scotland
George Gretton

“All students and practitioners who are required to deal with trust relationships should read this book, as it is a masterclass of learning and insight on the subject of trusts.” –  Martin Palmer, Journal of International Trust and Corporate Planning

“...it must be emphasised that this is an excellent collection of essays. The level of learning and scholarship contained therein is remarkable. From a practical perspective, this book has further confirmed that the Quistclose trust analysis remains somewhat unstable and lenders are better off relying on the conventional security, rather than structuring transactions around a Quistclose trust. From a personal perspective, the reviewer feels privileged to be able to review a book that contains Professor Birks' last published word on the subject of Quistclose trust.” –  Look Chan Ho, Journal of Business Law