Trusts-UK legal system,fuduciaries Essay Example | Topics and Well Written Essays - 2250 words

Trusts-UK legal system,fuduciaries - Essay Example Dean, the company’s solicitor agreed with Anna that she would negotiate the purchase, receiving 5% of the final purchase figure. Anna negotiated the purchase price at  £1million. Anna and Dean were also responsible for the renegotiation of the company’s key ingredient (Citsalp) supplier, Kipling Ltd. Kipling Ltd requested  £50,000 in advance and  £2,500 per month for the exclusivity of the supply, and the company could not afford this. Anna and Dean put together the money themselves and negotiate with Kipling Ltd purchase the supply and its exclusivity. They then offer the company exclusivity of supply of Citsalp at  £25,000 in advance and  £2,750 per month. [Kipling are happy with this]. Anna decides to sell her shares and retire as director, selling her shares in Gealette Ltd to Beauty Trust for  £20,000 below the market value. The new product is delayed and causes Gealette Ltd significant losses, and it is on the verge of folding. Gealette Ltd’s shares are almost worthless. The nature of a person in decision making decides the success rate in any business enterprise. At times, being aggressive in decision making helps and during some times, it may fail if the organization falters in strategic decisions. Trustee is a person who administers a trust. At the same time, a trustee is considered as a fiduciary and he or she owes the highest duty under the law to protect trust property from unreasonable loss for the trusts beneficiaries. In cases of mismanagement of trust property by trustee, he or she would be held liable for the extent of loss incurred. Anna in the present cases study has undergone the similar experience. Being a trustee of a beauty trust, she has some reasonable rights in representing the trust in several national and international forums. She analysed that the purchase of shares in company â€Å"Gealette† would certainly benefit the trust and accordingly the beauty trust purchased