Summary

Application by trustees for directions for determination as to how surplus property & money of trustee company should be applied on winding up pension scheme where the original pension scheme had been replaced by a new non-contributory scheme and the court was asked to deal with nine questions set out in the summons concerning the implementation of the provisions of the deed in a winding up.

Facts

Held

Inter alia that the discretion conferred on the trustees as to the application of surplus assets was a fiduciary power which could not be exercised by the receivers or by the liquidator. Adjourned for further argument as to form of order.