Commercial Equity: The Quistclose Trust and Asset Recovery | Zendy

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Commercial Equity: The Quistclose Trust and Asset Recovery

Author(s) -

Sue Tappenden

Publication year - 2009

Publication title -

journal of politics and law

Language(s) - English

Resource type - Journals

eISSN - 1913-9055

pISSN - 1913-9047

DOI - 10.5539/jpl.v2n3p11

Subject(s) - constructive trust , creditor , equity (law) , insolvency , business , remedial education , trust law , law and economics , actuarial science , constructive , accounting , finance , economics , law , debt , political science , computer science , process (computing) , operating system

This paper examines the impact of equitable principles on the sphere of commercial law. It will make particular reference to the effect of the incursion of equity on ordinary creditors with regard to obtaining priorities in cases of insolvency. It will analyze the Quistclose trust and show how this type of trust may be used to obtain an advantage by those who would otherwise be ordinary creditors. It will refer to the use of equitable tracing to recover assets in a money-laundering scheme The paper will suggest that judicial acceptance of the concept of the remedial constructive trusts has enhanced the development of proprietary restitutionary remedies in commercial transactions where no proprietary remedy would have previously existed.

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