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Peter is the trustee of a trading trust and enters into a contract with a service on behalf of the trust. The business of the

Peter is the trustee of a trading trust and enters into a contract with a service on behalf of the trust. The business of the trading trust is not financially sound and when the service is completed, there are insufficient trust funds to pay the debt.

Please explain what the liabilities of the Trustee are.

Please explain who will be liable to pay the outstanding debt.

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