The Insolvency Act 1986 gives the court the power to set aside trusts which are created in an attempt to elude personal bankruptcy or corporate insolvency. Similarly, the courts have refused to recognize ‘sham’ trusts where the trust is used so as to give the mere appearance of separating property from the insolvent person’s assets when in reality that person continues to use such property as though it remains entirely their own. Set against this background ‘Quistclose’ trusts are just another means of shielding money against a borrower’s insolvency in loan transactions, yet such trusts are specifically recognized by the court. In the light of this statement and the current state of insolvency law critically evaluate the justification for such trusts and assess the juridical basis upon which they rest.
Answer to relevant QuestionsIf 60 C of charge pass through an electric conductor in 30 seconds, determine the current in the conductor.Determine the amount of power absorbed or supplied by the element shown if (a) V1 = 4v, I = 2A (b) V1 = -4v, I = -2AA journal bearing has a journal diameter of 3.000 in with a unilateral tolerance of −0.003 in. The bushing bore has a diameter of 3.006 in and a unilateral tolerance of 0.004 in. The bushing is 3 in long and supports a ...A 1 ¼ - ×1 ¼ - in sleeve bearing supports a load of 700 lbf and has a journal speed of 3600 rev/min. An SAE 10 oil is used having an average temperature of 160◦F. Using Fig. 12–16, estimate the radial clearance ...A pressure-fed bearing has a journal diameter of 50.00 mm with a unilateral tolerance of −0.05 mm. The bushing bore diameter is 50.084 mm with a unilateral tolerance of 0.10 mm. The length of the bushing is 55 mm. Its ...
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