“…olvency and allow the Court to order a transfer in specie. It does not appear, though, to have all the usual incidents of a trust. In Lonrho plc v Fayed (No 2) [1992] 1 WLR 1, Millett J observed at 12 that “[i]t is a mistake to suppose that in every situation in which a constructive trust arises the legal owner is necessarily subjec…”
“…isted and that it was firmly based. It was, he thought, an example of the wider equity to which Millet J (as he then was) referred in Lonrho Plc v Fayed (No.2) [1992] 1 WLR 1 at 9-10 and again, in the Court of Appeal, in Paragon Finance Plc v D B Thakerar & Co [1999] 1 All ER 400. There Millett LJ, as he had by then become, said thi…”