Q1 Peter has been appointed trustee of Nina's testamentary express trust. The trust document states that the trust applies to "...most of my estate, including my shares and two-thirds of my antique collection." It goes on to state that "half of the two-thirds of the antique collection is to be held for the grandchildren that loved me most". Can Peter fulfil the terms of Nina's trust?

Give reasons for your answer.

Q2 Elaine 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 complete there are insufficient trust funds to pay the debt.

Giving reasons for your answer, explain who will be liable to pay the outstanding debt.