Re Singapore Symphonia Co Ltd: Saunders v Vautier Rule & Trust Beneficiaries

In Re Singapore Symphonia Co Ltd, the Singapore High Court considered an application by Singapore Symphonia Co Ltd, the trustees of the Singapore Totalisator Board Trust, and the Tote Board, seeking declarations that the SSO and the Tote Board are the only beneficiaries of the Trust. The court granted the declarations, allowing the trust to be terminated under the rule in Saunders v Vautier and the trust property to be paid into the SSO’s endowment fund.

1. Case Overview

1.1 Court

High Court

1.2 Outcome

Declarations granted that Singapore Symphonia Co Ltd and the Tote Board are the only beneficiaries of the Trust.

1.3 Case Type

Trust

1.4 Judgment Type

Grounds of Decision

1.5 Jurisdiction

Singapore

1.6 Description

Singapore High Court clarifies beneficiaries of a trust established by Tote Board for Singapore Symphonia Co Ltd, allowing for its termination under the Saunders v Vautier rule.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
Singapore Symphonia Co LtdApplicantCorporationDeclarations GrantedWon
Tote BoardApplicantStatutory BoardDeclarations GrantedWon

3. Judges

Judge NameTitleDelivered Judgment
Edmund LeowJudicial CommissionerYes

4. Counsels

Counsel NameOrganization
Andrew ChanAllen & Gledhill LLP
Goh Zhuo NengAllen & Gledhill LLP

4. Facts

  1. The Tote Board settled a capital sum of $25m on the Trust.
  2. The income on the Trust was to be distributed to the SSO.
  3. The Trust was effective from 28 May 1989 to the end of the 21st year from the death of the last surviving of the four original trustees.
  4. During the financial crisis around 2008, the value of the Trust fell below $25m.
  5. The Tote Board refused to top-up the capital sum but agreed to donate the moneys standing in the Trust to the SSO’s own endowment fund.
  6. There were no provisions in the Trust Deed permitting the premature dissolution of the Trust.
  7. The applicants entered into a deed of agreement dated 20 August 2013 to terminate the Trust.

5. Formal Citations

  1. Re Singapore Symphonia Co Ltd, Originating Summons No 786 of 2013, [2013] SGHC 261

6. Timeline

DateEvent
Trust Deed made between the Tote Board and original trustees to constitute the Singapore Totalisator Board Trust.
Trust became effective.
Value of the Trust fell below $25m during the financial crisis.
Singapore Symphonia Orchestra wrote to the Tote Board seeking a top-up of the capital sum.
Deed of agreement entered into to terminate the Trust.
Matter heard and declarations granted.
Grounds for decision issued.

7. Legal Issues

  1. Beneficiary Identification
    • Outcome: The court declared that the Singapore Symphonia Co Ltd and the Tote Board are the only beneficiaries of the Trust.
    • Category: Substantive
    • Related Cases:
      • (1841) Cr & Ph 240; 41 ER 482
  2. Termination of Trust
    • Outcome: The court's declaration allowed for the termination of the trust under the rule in Saunders v Vautier.
    • Category: Substantive
    • Related Cases:
      • (1841) Cr & Ph 240; 41 ER 482

8. Remedies Sought

  1. Declarations

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Trusts
  • Beneficiary Rights

11. Industries

  • Arts
  • Entertainment

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Saunders v VautierN/AYes(1841) Cr & Ph 240; 41 ER 482N/ACited for the rule that beneficiaries of a trust, if entitled to the whole beneficial interest, can terminate the trust and direct the trustees to hand over the trust property.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
No applicable statutes

15. Key Terms and Keywords

15.1 Key Terms

  • Trust Deed
  • Trust
  • Beneficiary
  • Settlor
  • Saunders v Vautier
  • Reversionary Interest
  • Endowment Fund

15.2 Keywords

  • Trust
  • Beneficiary
  • Saunders v Vautier
  • Singapore
  • Tote Board
  • Singapore Symphonia Orchestra

17. Areas of Law

Area NameRelevance Score
Trust Law95
Saunders v Vautier rule80
Wills and Probate30
Company Law20

16. Subjects

  • Trusts
  • Equity