Where funds are advanced to a company incorporated solely for a specific purpose (such as purchasing and developing property), and the company conducts no other business, the requisite intention to create a Quistclose trust may be inferred from all the circumstances considered objectively, without direct evidence of subjective intention to create a trust. The caution expressed in Brereton against readily inferring a trust over funds paid to a company does not preclude such an inference where the company is merely a vehicle for the exclusive purpose and the payment is a condition (not merely an expectation) of the arrangement. A trial judge who assesses competing accounts in determining whether the burden of proof is discharged does not thereby commit the error identified in Rhesa Shipping, provided the judge's reasons demonstrate actual persuasion on the balance of probabilities.
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