Where investors contribute funds to a property development on the understanding that the property will be held on trust and they will receive units, an express trust may be found to exist notwithstanding contemporaneous documents prepared unilaterally by the promoter representing to third parties that no trust exists. The court will look to the intention of all relevant parties, not merely the representations of the promoter. When a corporate trustee enters liquidation and an ipso facto clause effects its removal, the court may confer powers nunc pro tunc under s 63 of the Trustee Act 1958 (Vic) and authorise the liquidator to rely on s 477 of the Corporations Act rather than appointing a receiver.
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