Elaine is the trustee of a trading trust and enters into a contract with a service on behalf of the trust. The business of the trading trust is not financially sound and when the service is complete there are insufficient trust funds to pay the debt.

Explain who will be liable to pay the outstanding debt.

Answer rating: 100% (QA)

In the scenario you described typically the trustee Elaine would be liable to pay the outsta... View the full answer