The Court refused declarations that properties registered in the names of companies were assets of the trusts whose trustees held shares in those companies. Musikanth J held that as mere shareholders, the new trustees acquired no legal or equitable interest in the assets of the companies, applying the fundamental principle that a share confers no proprietary interest in a company's assets. The Court also declined to pierce the corporate veil in the absence of any suggestion of sham, and held that Recital A of the Piggott Group Deed did no more than identify the entities and assets comprising the group and record that beneficial ownership was ultimately enjoyed equally by the siblings, rather than expanding the scope of trust property.
The full text is available to signed-in members.