In investment schemes where proceeds pass through operating companies before reaching a trustee, the intention to create a trust over those proceeds upon receipt by the operating companies may be inferred from the full commercial context, including prospectus representations, investor expectations, and commercial necessity, notwithstanding the absence of express trust provisions in the formal scheme documents. The absence of separate account requirements or express trust language in the operating documents is not determinative where the overall scheme, including prospectus assurances of safety and security, supports the inference of trust protection throughout.
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