Key Point
- An express trust for advance payments for goods can be created by actions of the creditor
Facts
- Customers of a company paid for goods advance of delivery
- The company had had problems meeting orders and was advised by accountants to set up a special bank account to hold customers’ payment to allow for repayment to customers in the event the company went into liquidation
- The company went into liquidation and the liquidators sought summons to determine whether money was held on trust for customers
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