Where a company in liquidation acted as trustee and mixed trust funds with its own, the court may infer the existence of a trust from draft (unexecuted) trust documents and surrounding circumstances, and all remaining company assets may be treated as trust assets under equitable tracing principles. The liquidator may be appointed receiver and manager of the trust with power of sale to overcome title difficulties, and the liquidator's remuneration and expenses (both as liquidator and in administering the trust) are recoverable from trust assets where all company assets are trust assets.
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