“…bmission that a trustee in bankruptcy such as the OR could be regarded as being a statutory trustee: see Ayerst (Inspector of Taxes) v C & K (Construction) Ltd [1976] AC 167, at 178 (Lord Diplock). As Lord Diplock observed, a statutory trust of this kind does not necessarily have to be the kind of trust which would have been recogn…”
“…spended and they are held on a statutory trust to be dealt with in accordance with the statutory scheme: see Ayerst (Inspector of Taxes) v C&K Construction Ltd [1976] AC 167. Nonetheless, the liquidations are processes for the benefit of those entitled to the assets, which in the case of a members’ voluntary liquidation in effect m…”