| (Webinar via Zoom) Preserving Interests in Property Advanced to Insolvent Persons: Quistclose or Romalpa? |
| Date: |
10 September 2024 (Tuesday) |
| Time: |
2:30pm - 5:45pm |
| Level: |
I (Intermediate)
For delegates who have prior knowledge of the subject area |
| Language: |
English |
| Fee: |
HK$ 1,850 |
| Accreditation: |
3 CPD pts (Accredited by The Law Society of Hong Kong) |
| Ref: |
L24TP04 |
| Venue: |
Webinar Course
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Presenter's Biography:
Steven Gallagher was awarded a first class LL.B. He was called to the Bar of England and Wales in 2006. Steven teaches equity and trusts, property law, and digital technology and law. Steven also teaches a course on art, antiquities, cultural heritage and the law. Steven has presented continuing professional development courses for solicitors in Hong Kong on many topics associated with property. Steven's research interests include equity and the law of trusts, art and cultural heritage law and legal history. He is not a technologist. In 2023, Steven published the first textbook on Digital Technology and Law.
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Objective:
Businesses often extend credit or provide goods subject to later payment. The risk that the recipient of credit is insolvent is not always apparent, but it is an important risk to consider. The law of insolvency is clear, if the recipient goes into a liquidation, usually such creditors are unsecured creditors and, the provider will receive little or no return for their monies or goods. Businesses have often tried to secure their payment by way of contractual provisions purporting to retain an interest in property, whether monies or other. These contractual provisions have met with varied success. This 3-hour seminar will provide an introduction to attempts to preserve interests in property advanced to insolvent persons. The seminar will draw a distinction between the main methods of preserving interests in equity and at common law. The predominant equitable mechanism is by way of a trust which arises over monies provided for a purpose, known as the Quistclose trust. The common law mechanism is the retention of title or Romalpa clause. The seminar will consider how Quistclose trust and Romalpa clauses were developed in equity and at law, when they may be recognized and enforced, and the problems and issues associated with both. The seminar will also consider the theoretical justification for Quistclose trusts and Romalpa clauses and how this justification may explain the differing success of the two.
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Outline:
- The development of the law of Quistclose trusts and retention of title (Romalpa) clauses;
- Requirements for the creation of an effective Quistclose trust;
- Requirements for the creation of an effective Romalpa clause;
- Legal and practical problems with the creation of Quistclose trusts and Romalpa clauses;
- Whether monies must be segregated for the creation of a Quistclose trust;
- Whether Romalpa clauses may extend into mixed products;
- Academic theories for the enforcement of Quistclose trusts and Romalpa clauses;
- The future for Quistclose trusts and Romalpa clauses in Hong Kong.
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| Category: |
Trust, Succession & Probate |
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Bookings & Payments
To reserve a seat, please fax the completed booking form to us. We will send out a written Booking Confirmation either by fax or by email to confirm your booking, normally within 48 hours after receiving the booking form. Payment should be made upon we send the Booking Confirmation to you, or together with the booking form if the booking is received within seven (7) days of the course. You are advised to contact us to confirm your place if you have not received the Booking Confirmation prior to the commencement of the course.
Cancellation
In case of cancellation of a booking, you must inform us in writing at least seven (7) days before the date of the course, and a full refund will be issued (less of HK$300 administration fee). Cancellation of unpaid bookings will incur a HK$300 administration fee and the cancellation will not be deemed effective until payment of such fee is received. No refunds will be given and any outstanding amounts remain payable in full if the written notice of cancellation is made less than (7) days before the date of the course.
Transfer
If you cannot attend a booked course, you must inform us in writing at least 24 hours before the commencing time of the course. You may then:
- Transfer the booking to a replacement delegate;( Not available for Individual Discount Packages)
- Transfer your booking to another course, to be held before 31 October 2024; or
- Request a credit voucher, to be used on another LexOmnibus CPD course to be held before 31 October 2024.
No attendance
Once a booking is confirmed and no written notice of cancellation is received by us within the specified time as mentioned above, if a delegate has not settled the payment for a course and fails to attend, for whatever reason, the course fee will remain payable in full. To be awarded CPD points, full attendance of all parts of the conference is required. If you arrive later, or fail to attend a course, your course fee will not be waived, refunded or a credit voucher issued.
Weather
In the event that the No.8 typhoon signal is hoisted or the Black Rain Storm warning is raised within 2.5 hours of the course or is due to be raised during the course, the course will be cancelled. In the event of cancellation due to bad weather, the course will be rescheduled or a credit note issued. No refunds will be given.
Record of Attendance
A certificate of attendance can be provided at a cost of HK$40. Alternatively, a verification of attendance in letter format, along with the original payments receipt is available, at a cost HK$40. Please apply in writing to request either a certificate or verification letter subsequent to the course.
Conference Venue
All the conferences, except webinars, will be taken place in either Central or Admiralty. The address of the conference venue will be notified by email, and via the website.
Other Terms
- We may reschedule, vary the details of a course at any time without liability. If we cancel or reschedule the course, except due to the weather conditions indicated, a credit note will be issued.
- Any bank charges and/or expenses incurred as a result of bounced cheques shall be borne by the delegates.
- LexOmnibus will not issue an invoice for registration of a course except under special circumstances and LexOmnibus reserves the right to charge an administration fee for providing that service.
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