Loan or commercial trust? The continuing mischief of the Quistclose trust

The article explores the continued difficulties with the Quistclose trust, and proposes that the Quistclose trust, rather than being a single entity, in fact arises in two distinct circumstances, which require different legal responses. Where a debtor is paying off specific creditors, the current legal test is suitable, but where investors are seeking to recover their money from a failed investment scheme, the law should insist that the scheme in fact was originally set up as an express trust.