It fulfilled all the requirements for the creation of a trust, including certainty of intention, beneficiaries and subject matter.

Although he said different considerations could apply to trade creditors, he was ‘concerned only with members of the public, some of whom can ill afford to exchange their money for a claim to a dividend in the liquidation, and all of whom are likely to be anxious to avoid this.’ The question for me is whether the money in the bank account (apart from the dormant amount of £47.80 and interest on it) is held in trust for those who paid it, or whether it forms part of the general assets of the company.

I may say at the outset that on the facts of the case, Mr. Heyman was unable to contend that any question of a fraudulent preference arose.

I should add that I had some initial doubts about whether Mr. Joels was the most suitable representative beneficiary, in view of the date when he paid his money, and whether Mr. Heyman, in representing Mr. Wainwright (as well as the other joint liquidator), was not to some degree committed to arguing against the efficacy of the course that Mr. Wainwright had advised: but discussion has allayed these doubts.

Nevertheless, despite the loose ends, when I take, as a whole, the affidavits of Mr. Wainwright, Mr. Kay and Mr. Hall (the bank manager) I feel no doubt that the intention was that there should be a trust.

1080 the money was sent on the faith of a promise to keep it in a separate account, but there is nothing in that case or in any other authority that I know of to suggest that this is essential.

The whole purpose of what was done was to ensure that the moneys remained in the beneficial ownership of those who sent them, and a trust is the obvious means of achieving this.

I understand that questions may be raised as to resorting to the interest on the moneys as a means of discharging the costs of the summons; on that I will, of course, hear argument.

Different considerations may perhaps arise in relation to trade creditors; but here I am concerned only with members of the public, some of whom can ill afford to exchange their money for a claim to a dividend in the liquidation, and all of whom are likely to be anxious to avoid this.